The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Retail investors were quick to plow cash into the biggest US exchange-traded funds and industries like airlines and travel stocks when the market was hammered.
The day-trading crowd snapped up roughly $2 billion in assets like the SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1 as the buy-the-dip crowd stepped in where Wall Street didn’t, according to data from Vanda Research, a firm that tracks retail-trading flows in US. Individual investors showed conviction not only buying ETFs that track the major US averages, but bought airline stocks like Delta Air Lines Inc, United Airlines Holdings Inc, as well as cruise operator Carnival Corp, Vanda data show.
The trio were among the 10 most-bought stocks with each seeing at least $39 million in buying, according to the data. The buying came as Wall Street dumped shares amid concerns related to the omicron variant.
And it marked the third largest day of net retail buying since the pandemic began with non-tech single stocks seeing the largest inflows, according to Vanda data. The buy-the-dip trade was playing out well for retail investors as stocks climbed as a relative sense of calm returned to global markets.