Stocks Traded at a Record $6.6 Trillion in the First Half of 2025, According to Investors

Despite ongoing geopolitical tensions, trade-related uncertainty, and market instability, retail investors remained remarkably active and optimistic in the first half of 2025. According to Nasdaq data, individual investors set a new record, collectively trading over $6.6 trillion worth of stocks. This total includes approximately $3.4 trillion in purchases and $3.2 trillion in sales, indicating a strong leaning toward buying rather than cashing out — even amid considerable volatility.

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Throughout the first six months of the year, markets faced a storm of challenges. Trade tariffs introduced by former President Donald Trump rattled investors, stoking fears of a global economic slowdown and potential inflationary pressures. Simultaneously, rising tensions in the Middle East and pronounced market swings added to the already jittery investing environment. The major indexes reflected this uncertainty.

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The Dow Jones Industrial Average and the S&P 500 both underwent corrections, while the tech-heavy Nasdaq Composite slipped into a bear market. Many investors described this turbulent period as one of the most challenging they’d ever encountered.

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However, retail investor sentiment defied the prevailing pessimism. According to Nasdaq, retail investors poured $137.6 billion into U.S. stocks and exchange-traded funds (ETFs) on a net basis during this volatile stretch. This net inflow figure reflects the difference between what investors bought and sold, and it underscores their confidence in market recovery despite headlines to the contrary.

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Vanda Research, a firm specializing in capital markets data, offered similar findings with slightly different figures. It reported that net purchases by retail investors reached $155.3 billion in the first half of 2025, setting a new all-time record since the firm began tracking such activity in 2014. This milestone even surpassed the $152.8 billion net inflow recorded during the first half of 2021 — a period dominated by the meme-stock frenzy and stimulus-fueled retail enthusiasm.

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According to Vanda, two key themes drove the 2025 retail buying surge. First was the so-called “American exceptionalism” trade, a belief in the outperformance of U.S. companies in a shaky global environment. Second was aggressive dip-buying, particularly in response to market declines triggered by Trump’s reintroduced “liberation day” tariffs. Retail investors seemed to treat these market pullbacks as opportunities rather than red flags.

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Certain stocks dominated retail interest. Nvidia, Tesla, and Palantir consistently appeared among the most heavily traded names. At the same time, retail traders allocated substantial capital to popular ETFs that mirror broad market indexes, such as the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ). These products allow investors to gain diversified exposure to the overall market or tech-heavy sectors without betting on individual companies.

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Vanda reported that daily net inflows from retail investors averaged about $1.3 billion — a 21.6% increase from the 2024 average. This elevated level of investment activity didn’t just reflect sentiment; it translated into solid returns.

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The firm estimated that the average retail investor portfolio was up 6.2% during the first half of 2025, nearly matching the S&P 500’s 6.1% gain during the same period. This suggests that not only were retail investors confident — they were also, on average, making money.

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Marco Iachini, senior vice president of research at Vanda, emphasized the resilience and growing influence of retail investors in a recent note. He pointed out that retail participation in the markets remains historically high, and that the tendency to buy dips is still going strong. Interest in individual stocks — particularly those with high volatility or leveraged potential — has also surged. According to Iachini, retail investors are not only staying active, but they are also increasingly embracing risk in pursuit of higher returns.

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“Retail investors remain a major force in the market,” he wrote. “Participation is at record highs, the dip-buying bias is fully intact, and engagement with single names — particularly high-beta and leveraged plays — continues to rise. Performance is holding up, and risk appetite is anything but shy. Nothing seems to stop this retail train.”

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In short, despite headlines that might have suggested fear or retreat, the reality was quite the opposite. Retail investors doubled down, bought the dip, and remained steadfast in their belief that opportunities existed — even in a volatile, politically charged environment. Their enthusiasm, reflected both in record-setting volumes and respectable returns, suggests that the era of the retail investor is far from over.

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