Retail traders dump the most stocks in a single day since Covid selloff
CNBC · Sarah Min ·
The selling comes amid a broader stock market correction as traders rotated out of technology
Retail traders dumped the most stocks in a single day since the Covid pandemic, amid Thursday'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.