Schwab Trading Activity Index™: STAX Score Reaches a Four-Year High in June

07/06/2026

Schwab clients’ net buys outpaced net sells by more than two-to-one

Key Takeaways:

The Schwab Trading Activity Index™ (STAX) increased to 59.12 in June, up from its score of 55.08 in May.
Buying pressure was steady throughout June, and the STAX rose every week of the period after retreating slightly at the start of the month.
At the sector level, Information Technology led the net-buy list in June, similarly to May, followed by Communication Services and Consumer Discretionary. Financials, Health Care and Consumer Staples were net-sold.

WESTLAKE, Texas--(BUSINESS WIRE)-- The Schwab Trading Activity Index™ (STAX) increased to 59.12 in June, up 7.33% from its score of 55.08 in May. 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.

Schwab Trading Activity Index June 2026 (Graphic: Charles Schwab)

“Though major market averages retreated slightly from recent all-time highs in June, closing the month with minor losses, there was no ‘June swoon’ to be found among Schwab clients,” said Joe Mazzola, Head Trading and Derivatives Strategist at Charles Schwab. “After retreating slightly in the first week of June, the STAX rose every subsequent week of the month, and net buys outpaced net sells by more than two-to-one.”

The STAX score rose roughly four points in June, hitting a new multi-year high. Retail investors continued to buy the dip, and the heaviest buying coincided with the mid-month market pullbacks during the weeks ended June 12 and 19. Economic data in June was familiar, with inflation ticking higher and jobs holding steady, and the Federal Reserve remained hawkish in Chairman Kevin Warsh’s debut. At the end of May, the CME FedWatch Tool reflected a 50% chance for a rate hike later this year, and by June those odds shifted to nearly 83%.

Client options activity was mixed in June, with net buying seen on popular broad-based index and ETF options as well as single-stock names. Elsewhere, options-trading clients appeared to take advantage of dispersion between index and single-stock volatility by selling elevated implied volatility. For some single-stock names, put selling outweighed call selling, suggesting a neutral-to-bullish market bias among those looking to generate income through short options strategies.

At the sector level, Information Technology again topped the net-buy list in June, followed by Communication Services and Consumer Discretionary. The top five buys were all components of these three sectors. Though selling activity was light, the other eight sectors were net-sold with Financials, Health Care and Consumer Staples bringing up the rear.

From a generational perspective, STAX scores continued to rise across every age group in June, building on May’s rebound. Generation X (1965–1980) remained the most bullish, continuing a recent trend and hitting a two-year high. Baby Boomers (1946–1964) trailed well behind and Millennials (1981–1996) were a close third. Generation Z (1997–2012) once again showed the most risk aversion.

Popular names bought by Schwab clients during the period included:

Space Exploration Technologies Corp. (SPCX)
NVIDIA Corp. (NVDA)
Micron Technology Inc. (MU)
Microsoft Corp. (MSFT)
Amazon.com Inc. (AMZN)

Names net sold by Schwab clients during the period included:

Berkshire Hathaway Inc. (BRK.B)
UnitedHealth Group Inc. (UNH)
Snowflake Inc. (SNOW)
IREN Ltd. (IREN)
Cisco Systems Inc. (CSCO)

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.

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.

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.

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