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Wall Street turns most bullish since 2022 as Robinhood data shows selling
Robinhood said its users posted two consecutive weeks of net equity selling at the end of July, even as the app’s operating data showed net deposits around $4 billion excluding inflows to the new federal Trum...
Yahoo Finance reports Wall Street sentiment has turned the most bullish since 2022, even as Robinhood data points to unusual behavior among its own retail customer base.
Robinhood’s chief brokerage officer, Steve Quirk, told CNBC that the firm noticed two consecutive weeks of net selling at the end of July, which he said was unexpected given that Robinhood customers are typically in their early 30s and are usually net buyers.
Quirk said he is not reading the selling as a warning, describing it instead as profit-taking and rotation after significant gains from the prior couple of years, with customers trimming exposure and looking to get into other opportunities.
The outlet also notes that the selling does not necessarily mean money leaving, citing Robinhood’s operating data that showed net deposits still running at roughly $4 billion, excluding inflows to the new federal Trum...