Schwab clients were net buyers of equities in September, outpacing the S&P 500 Index and broadening trading activity away from the Magnificent Seven, the brokerage said on Monday.
The Schwab Trading Activity Index (“STAX”) rose to 46.12 in September from 43.69 in August, but still ranks in the “moderate low” band in the four-week period ended Sept. 26, 2025, Charles Schwab said.
“The reign of the Magnificent Seven may not be over, but in September we saw Schwab’s retail clients branch out from those traditional names and into higher-volatility, AI-adjacent stocks, some of which have made big moves recently,” said Joe Mazzola, head Trading and Derivatives Strategist at Charles Schwab.
The firm reasoned that the Federal Reserve’s mid-month rate cut, lighter-than-expected inflation data, and resilient retail sales likely contributed to investor confidence.
Popular names bought by Schwab clients included:
- Nvidia (NASDAQ:NVDA)
- Amazon.com (NASDAQ:AMZN)
- Oracle (NYSE:ORCL)
- Palantir Technologies (NASDAQ:PLTR)
- Opendoor Technologes (NASDAQ:OPEN)
Names net sold by the firm’s clients in September included: