Retail Radar: Jul 1 - Same Playbook, Buying the Dip

Research evidence excerpt

Retail Radar: Jul 1 - Same Playbook, Buying the Dip

J P M O R G A N Global Markets Strategy

01 July 2026

Retail Radar

Jul 1 - Same Playbook, Buying the Dip

Retail Trading Activity Overview Equity Strategy and Quantitative

Research

• Retail investor flows were resilient last week (75.4%ile), driven by strong Arun Jain AC

single-stock inflows (94.8%ile) while ETF activity remained modest (1-212) 622-9454

arun.p.jain@jpmorgan.com

(17.5%ile). Wednesday was a clear standout, with retail purchases reaching J.P. Morgan Securities LLC

their 93%ile, Figure 9RetailInvestorDailyPurchasesbyStocksandETFs. Once again, Tech and Memory were the primary drivers AC Shizuka Suga, CFA

of retail demand, even as concerns of an AI bubble resurfaced. (1-212) 622-2134

• ETF activity remained relatively modest across categories. In Semis, shizuka.suga@jpmorgan.com

positioning has largely plateaued: steady outflows from leveraged SOXL (- J.P. Morgan Securities LLC

2.9z, Figure 2RetailImbalanceinTechETFsRetailImbalanceinEWY) have been partly offset by inflows into SOXX and SMH, as well Ana Pous Avila

as Tech-tilted indices QQQ and QQQM. Within Software, activity also (1-212) 622-0496

ana.pousavila@jpmorgan.com

remained unchanged—particularly in IGV, even as the ETF is up ~8% over the J.P. Morgan Securities LLC

past week. Fixed Income ETF flows have rebounded to roughly month-ago William Matheson

levels after several weeks of softness, led by inflows into Corporate bond ETFs (1-212) 622-9538

(notably Investment Grade) and Aggregate/Multi-Sector products, including william.matheson@jpmchase.com

AGG. J.P. Morgan Securities LLC

• Within single stocks, inflows into Semis climbed to their highest levels in Khuram(44-20) 7134-6297Chaudhry