Stax score fails in the volatility of April

Schwab Trading Activity Index vs. S&P 500 (graphic: Charles Schwab)

Schwab Trading Activity Index April 2025 (graphic: Charles Schwab)

Schwab customers were sellers of shares in April; Net sales were highest in information technology, the issue clips and the consumer discretion sector

Westlake, Texas, May 05, 2025. The only index of this kind is the stax a proprietary, behavior -based index, which analyzes millions and retail activities of retail investors from Schwabs millions of customer accounts to illuminate what investors actually did and how they were positioned every month in the markets.

The reading for the four -week period until April 25, 2025 is “low” compared to historical average values.

“Volatility was a big story this month this month when the stax fell the lowest stand in two years, since Schwab customers were in a dollar -based energy -based customer,” said Joe Mazzola, Head Trading & Derivates strategist at Charles Schwab. “In April in April in April, the customers shot from the individual double characters S&P 500 and Nasdaq Composite in April. In view of the continuing volatility of the markets, we were expecting a wide pattern of customers who turn from customers who focus on fixed income and the focus on fixed income and the bombing of the base of ETFs as market -friendly naming to To name.

In the midst of tariff policy announcements on April 2, the shares decreased briefly to 13 months before the market achieved a dramatic comeback in order to obtain a large part of these losses if the trade agreement progress, the earnings stability of the first quarter and the declining financial return yields were achieved.

The Stax fell every week of the April period, although the most difficult sale with 11% fell in the first week, the biggest weekly decline since April 1, 2023. In the third week of the four, there was only a slight net sale in front of it, but sold again in the last week on April 25th. In the last week until April 25th. The Stax Stax Stax 1 year was on a monthly basis in April.

While customers did not take part in the equity side, we saw the sale of premium as a CBOE volatility index towards the end of the month^® (VIX) withdrawn from heights.

“We saw some ETF buyers, which indicates that the customers instead of trying to choose names that would do well with tariffs,” said Mazzola. “Customers were risk avers and generally went to names they know and companies that they turn in times of danger. Outside of the NVDA, there was a noticeable lack of many AI chip providers who normally visit this list frequently.”

The inflation data during the stax time were relatively benign and continued a trend, but the investors saw how the BDPNOW measuring device of the Atlanta Fed fell nervously for the gross domestic product (GDP) in the first quarter, which indicates that the tariffs could already violate the economy. When the government's first GDP estimate came out after the end of the Staax period on April 30, it confirmed these fears, although a large part of the weakness was driven by a enormous profit of the imports, which probably reflected the purchase of Pull Forward purchase before the tariffs.

The labor market looked strongly for most of April, since the non-bar-like wage and salary bills rose 228,000 in March and the first weekly unemployment claims remained well under 230,000 all the month, a relatively easy level. The retail turnover also appeared in March after it stalled at the beginning of this year. Some of these reflected pre-tariff stockings by consumers as expensive articles such as automobiles, electronics and furniture sales have the chance.

The winning season started in mid-April and showed solid results of the largest US banks, most of which pointed out to reliable consumers, but were concerned about possible effects on the tariff on business plans for their customers. However, analysts steadily lower their profit growth estimates for later this year and questioned the current market reviews, which also remain historically high when the stock exchange is corrected in April. Many other companies also reported in the sectors of S&P during the Stax time with most of the Wall Street estimates. But many have retained or withdrawn the instructions, citing the uncertainty of the tariff.

The shakyness later continued in the Stax period when the Ministry of Finance rose and the dollar sank -two things that had not been expected in an atmosphere dominated by US tariff problems. The weakness of the US currency and fixed income markets could possibly send investors in these markets with regard to the concerns regarding political confusion in connection with trade and the US budget. The treasury note is withdrawn in the second half of April, with the 10-year note return from the 10-year note finally fell under 4.2% after he had touched 4.6% at his highs in April.

Popular names that were bought by Schwab customers in the period belonged:

Name network that were sold by Schwab customers in the period included:

Alibaba Group Holding Ltd. (Baba)
Microstrategy Inc. (MSTR)
Boeing Co. (BA)
Netflix Inc. (NFLX)
Unitedhealth Group Inc. (UNH)

About the stax

The stax value is calculated based on a complex proprietary formula. Every month, Schwab pulls out a sample from his customer base of millions of financed accounts that contain accounts that have completed a trade last month. The stocks and positions of these statistically significant sample are evaluated to calculate individual ratings and the median of these reviews represents the monthly stax.

Further information on the Schwab Trading Activity Index can be found at www.schwab.com/investment-research/stax. In addition, Schwab clients can draw the stax with the $ stax symbol in both thinking wim^® or mobile phone platforms of thinkers.

Investing includes a risk, including the loss of capital. The performance in the past is not a guarantee of future results. Content only intended for educational/information purposes. No investment advice or a recommendation for security, strategy or account types.

Historical data should not be used alone in the event of investment decisions. Please consult other sources of information and take into account your individual financial position and your individual 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 for the future customer trade volume or the financial service for Schwab.

About Charles Schwab

At Charles Schwab, we believe in the power of investing to help individuals create a better morning. We have a story in which we question the status quo in our industry, are innovative in a way that benefits investors and consultants and employers who serve them and to secure the goals of our customers with passion and integrity.

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0525-S1VN

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Contacts

In the company
Margaret Farrell
Director, corporate communication
(203) 434-2240
margaret.farrell@schwab.com

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