Schwab Trading Activity Index™: STAX Score Sees Highest Reading Since February 2025

Schwab clients were net buyers of equities in January, with a net buying surge in the Information Technology sector

The Schwab Trading Activity Index™ (STAX) increased to 49.96 in January, up from its score of 48.48 in December. The only index of its kind, the STAX is a proprietary, behavior-based index that analyzes retail investor stock positions and trading activity from Schwab's millions of client accounts to illuminate what investors were actually doing and how they were positioned in the markets each month.

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"After a one-month backtrack in December, Schwab clients returned as net buyers of stocks in January, even as the S&P 500® index (SPX) barely climbed," said Joe Mazzola, Head Trading and Derivatives Strategist at Charles Schwab. "The STAX was strongest toward the end of January after earnings season began, and we saw a good amount of dip buying after earnings."

STAX climbed 3.05% in January, the biggest percentage gain since October 2025, and well above the 0.13% gain for the SPX during the January STAX period. Every week of January saw STAX gain, and most of the net-buying surge came in the information technology sector. STAX has now outgained the S&P 500 index in five of the last six months.

From an age perspective, the most aggressively positioned investors tracked by Schwab during the January STAX period were once again members of Generation X, born between 1965 and 1980. Among the least was Generation Z, born between 1997 and 2012. This gap widened from December.

"Generation X and Baby Boomers continue to buy the dips, but it's not the same with Generation Z," Mazzola said. "It could be that they're saving for new homes or worrying about the impact of AI on their jobs, but they're not as confident buying. Millennials are in the middle of the pack."

Checking sectors, net buying was by far the heaviest in Information Technology during January, followed by Financials, Utilities, Health Care, and Materials. Five of 11 S&P 500 sectors saw net-inflows, with Consumer Staples and Industrials seeing the highest net-outflows among those tracked by STAX.

Though sectors with outflows outnumbered those with inflows, Information Technology inflows were so substantial that they pushed STAX higher overall.

In January, the S&P 500 Index set an all-time high late in the month after trading briefly above 7,000 intraday for the first time. The January STAX period featured a rate pause by the Federal Reserve, its first after three cuts to end 2025. Earnings season got off to a firm start with blended year-over-year earnings growth at around 11% by the end of January. As earnings piled up, STAX gains accelerated, rising 4.3% during the final week of the month after a 3% gain the week before.

Popular names bought by Schwab clients during the period included:

• Microsoft Corp. (MSFT)
• Netflix Inc. (NFLX)
• Tesla Inc. (TSLA)
• Amazon.com Inc. (AMZN)
• NVIDIA Corp. (NVDA)

Names net sold by Schwab clients during the period included:

• Advanced Micro Devices Inc. (AMD)
• Costco Wholesale Corp. (COST)
• Boeing Co. (BA)
• CoreWeave Inc. (CRWV)
• Alibaba Group (BABA)

About the STAX

The STAX value is calculated based on a complex proprietary formula. Each month, Schwab pulls a sample from its client base of millions of funded accounts, which includes accounts that completed a trade in the past month. The holdings and positions of this statistically significant sample are evaluated to calculate individual scores, and the median of those scores represents the monthly STAX.

For more information on the Schwab Trading Activity Index, please visit www.schwab.com/investment-research/stax. Additionally, Schwab clients can chart the STAX using the symbol $STAX in either the thinkorswim^® or thinkorswim Mobile platforms.

Investing involves risk, including loss of principal. Past performance is no guarantee of future results.

Content intended for educational/informational purposes only. Not investment advice, or a recommendation of any security, strategy, or account type.

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab.

About Charles Schwab

At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients' goals with passion and integrity.

More information is available at aboutschwab.com. Follow us on X, Facebook, YouTube, and LinkedIn.

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At the Company

Michael Cianfrocca

Director, Corporate Communications

(415) 930-3651

michael.cianfrocca@schwab.com