Retail traders dumped the most stocks in a single day since the Covid pandemic, amid Wednesday's massive tech selloff, according to Vanda Research. Retail investors sold a net $338 million of single stocks on Thursday, with not even an hour into the close, which the market research firm noted was the largest one-day outflow since March 2020 for a group that has been known to buy the dip and keep cash within the market. The selling comes amid a massive stock market drawdown as traders rotated out of technology. On Thursday, the Dow Jones Industrial Average plummeted 1,800 points, effectively erasing any post-midterm bump, while the Nasdaq Composite dropped into a correction. "On a typical sell-off, retail buy the dip," read a note from the firm.
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