Schwab Trading Activity Index™: February Pushes STAX Score Higher Amid Rising Volatility
Charles Schwab's Trading Activity Index (STAX) rose to 51.94 in February 2025 from 49.45 in January, indicating 'moderate' trading activity. Schwab clients were net buyers of equities early in the month, particularly in Information Technology, Consumer Discretionary, and Communication Services sectors.
The S&P 500 experienced two distinct phases: reaching record highs mid-month following delayed U.S. tariffs and strong Q4 earnings, before declining around February 21 due to renewed tariff threats and weak economic data, ending down 1%. The tech-heavy Nasdaq saw larger losses as investors rotated out of 'Magnificent Seven' stocks.
Key market factors included: rising 10-year Treasury yields reaching 4.6% before falling to 4.25%, mixed inflation data, and lower-than-expected January jobs growth of 143,000. The VIX increased from below 15 to above 20 by month-end. Top bought stocks included TSLA, PLTR, AMZN, while META, SMCI, and AAPL were most sold.
L'indice di attività di trading di Charles Schwab (STAX) è salito a 51,94 a febbraio 2025 rispetto a 49,45 a gennaio, indicando un'attività di trading 'moderata'. I clienti di Schwab sono stati acquirenti netti di azioni all'inizio del mese, in particolare nei settori della Tecnologia dell'Informazione, dei beni di consumo discrezionali e dei servizi di comunicazione.
L'S&P 500 ha vissuto due fasi distinte: ha raggiunto massimi storici a metà mese dopo i dazi statunitensi ritardati e forti utili del quarto trimestre, per poi scendere intorno al 21 febbraio a causa di nuove minacce di dazi e dati economici deboli, chiudendo in calo dell'1%. Il Nasdaq, pesante in tecnologia, ha registrato perdite maggiori poiché gli investitori hanno ruotato fuori dalle azioni delle 'Magnifiche Sette'.
I fattori chiave del mercato hanno incluso: l'aumento dei rendimenti dei Treasury a 10 anni che hanno raggiunto il 4,6% prima di scendere al 4,25%, dati inflazionistici misti e una crescita dei posti di lavoro di gennaio inferiore alle attese di 143.000. Il VIX è aumentato da sotto 15 a sopra 20 entro la fine del mese. Le azioni più acquistate includevano TSLA, PLTR, AMZN, mentre META, SMCI e AAPL sono state le più vendute.
El índice de actividad de trading de Charles Schwab (STAX) subió a 51.94 en febrero de 2025 desde 49.45 en enero, lo que indica una actividad de trading 'moderada'. Los clientes de Schwab fueron compradores netos de acciones a principios de mes, particularmente en los sectores de Tecnología de la Información, Consumo Discrecional y Servicios de Comunicación.
El S&P 500 experimentó dos fases distintas: alcanzando máximos históricos a mediados de mes tras los aranceles estadounidenses retrasados y sólidos resultados del cuarto trimestre, antes de caer alrededor del 21 de febrero debido a nuevas amenazas arancelarias y datos económicos débiles, cerrando con una caída del 1%. El Nasdaq, con un alto componente tecnológico, vio pérdidas mayores a medida que los inversores rotaban fuera de las acciones de las 'Siete Magníficas'.
Los factores clave del mercado incluyeron: el aumento de los rendimientos de los bonos del Tesoro a 10 años alcanzando el 4.6% antes de caer al 4.25%, datos de inflación mixtos y un crecimiento de empleos en enero inferior a lo esperado de 143,000. El VIX aumentó de menos de 15 a más de 20 a finales de mes. Las acciones más compradas incluyeron TSLA, PLTR, AMZN, mientras que META, SMCI y AAPL fueron las más vendidas.
찰스 슈왑의 거래 활동 지수(STAX)는 2025년 2월 49.45에서 51.94로 상승하여 '보통' 거래 활동을 나타냅니다. 슈왑 고객은 월 초에 특히 정보 기술, 소비재, 통신 서비스 부문에서 주식을 순매수했습니다.
S&P 500은 두 가지 뚜렷한 단계를 경험했습니다: 미국의 세금 부과 지연과 강력한 4분기 실적에 따라 월 중반에 사상 최고치를 기록한 후, 2월 21일경 세금 부과 위협과 약한 경제 데이터로 인해 하락하며 1% 하락으로 마감했습니다. 기술주 중심의 나스닥은 '멋진 일곱' 주식에서 투자자들이 회전하면서 더 큰 손실을 보았습니다.
주요 시장 요인으로는: 10년 만기 국채 수익률이 4.6%에 도달한 후 4.25%로 하락, 혼합된 인플레이션 데이터, 예상보다 낮은 143,000명의 1월 일자리 증가가 포함되었습니다. VIX는 월말까지 15 이하에서 20 이상으로 증가했습니다. 가장 많이 매수된 주식은 TSLA, PLTR, AMZN이었고, META, SMCI, AAPL이 가장 많이 매도되었습니다.
L'indice d'activité de trading de Charles Schwab (STAX) a augmenté à 51,94 en février 2025 contre 49,45 en janvier, indiquant une activité de trading 'modérée'. Les clients de Schwab étaient des acheteurs nets d'actions au début du mois, en particulier dans les secteurs de la technologie de l'information, des biens de consommation discrétionnaires et des services de communication.
Le S&P 500 a connu deux phases distinctes : atteignant des sommets historiques à la mi-mois après des droits de douane américains retardés et de solides résultats du quatrième trimestre, avant de décliner autour du 21 février en raison de nouvelles menaces tarifaires et de données économiques faibles, terminant en baisse de 1 %. Le Nasdaq, fortement axé sur la technologie, a subi des pertes plus importantes alors que les investisseurs tournaient le dos aux actions des 'Sept Magnifiques'.
Les facteurs clés du marché comprenaient : une hausse des rendements des obligations du Trésor à 10 ans atteignant 4,6 % avant de tomber à 4,25 %, des données d'inflation mitigées et une croissance des emplois en janvier inférieure aux attentes de 143 000. Le VIX est passé de moins de 15 à plus de 20 à la fin du mois. Les actions les plus achetées comprenaient TSLA, PLTR, AMZN, tandis que META, SMCI et AAPL étaient les plus vendues.
Der Handelsaktivitätsindex von Charles Schwab (STAX) stieg im Februar 2025 auf 51,94 von 49,45 im Januar, was auf eine 'mäßige' Handelsaktivität hinweist. Schwab-Kunden waren zu Beginn des Monats Nettokäufer von Aktien, insbesondere in den Sektoren Informationstechnologie, zyklische Konsumgüter und Kommunikationsdienste.
Der S&P 500 erlebte zwei unterschiedliche Phasen: Er erreichte Mitte des Monats nach verzögerten US-Zöllen und starken Ergebnissen im vierten Quartal Rekordhöhen, bevor er um den 21. Februar aufgrund erneuter Zollbedrohungen und schwacher Wirtschaftsdaten um 1 % fiel. Der technologieorientierte Nasdaq verzeichnete größere Verluste, da Investoren aus den 'Magnificent Seven'-Aktien ausstiegen.
Wichtige Markt Faktoren umfassten: steigende 10-jährige Staatsanleihenrenditen, die 4,6 % erreichten, bevor sie auf 4,25 % fielen, gemischte Inflationsdaten und ein geringerer als erwarteter Anstieg der Arbeitsplätze im Januar um 143.000. Der VIX stieg von unter 15 auf über 20 zum Monatsende. Zu den meistgekauften Aktien gehörten TSLA, PLTR, AMZN, während META, SMCI und AAPL die meistverkauften waren.
- STAX index showed increased trading activity, rising to 51.94 from 49.45
- Net buying activity in Financials and Materials sectors
- Strong client engagement in equity trading early in the month
- Clients were net sellers of most S&P 500 sectors
- Significant de-risking behavior observed late in the month
- Rising market volatility with VIX increasing from 15 to above 20
Schwab clients were buyers of equities in February; Buying in Information Technology, Consumer Discretionary and Communication Services early in the month preceded a shift away from the ‘Magnificent Seven’ weeks later
The reading for the four-week period ending February 28, 2025, ranks “moderate” compared to historic averages.
“January optimism carried through to the beginning of February, although we saw sentiment sink toward the end of the month,” said Joe Mazzola, Head Trading & Derivatives Strategist at Charles Schwab. “Looking at the month as a whole, Schwab clients net bought equities but on a dollar basis, they were net sellers of all S&P 500 sectors apart from Financials and Materials. Positive earnings drove a good amount of buying early in the month, but we saw clients pull back significantly and engage in de-risking behaviors as the potential impact of looming tariffs and weak economic data began to dominate the headlines again after a brief reprieve.”
The S&P 500 went through two distinct periods in February, starting off strong and hitting consecutive record highs by the mid-month in response to a delay in threatened
The tech-heavy Nasdaq suffered more dramatic losses as investors resumed their rotation out of "Magnificent Seven" names and into what they perceived as the potential safety of Treasuries, defensive sectors, and gold, among other assets. The benchmark
Inflation data was mixed in February, with a higher-than-expected Consumer Price Index (CPI) reading but some progress in the January Personal Consumption Expenditure (PCE) Price Index that came out at the very end of the month. Nonfarm Payrolls for January showed smaller-than-expected jobs growth of 143,000, but some analysts attributed that partly to cold weather and wildfires that crimped economic activity.
As stocks retreated, the Cboe Volatility Index (VIX) clawed back above 20 intraday by the end of the month, up from below 15 in mid-February. Rising volatility mainly appeared connected to trade war threats, though even toward the end of February many analysts believed the March 4 tariffs on
Popular names bought by Schwab clients during the period included:
- Tesla Inc. (TSLA)
- Palantir Technologies Inc. (PLTR)
- Amazon.com Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- Microsoft Corp. (MSFT)
Names net sold by Schwab clients during the period included:
- Meta Platforms Inc. (META)
- Super Micro Computer Inc. (SMCI)
- Apple Inc. (AAPL)
- Intel Corp. (INTC)
- AT&T (T)
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.
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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At the Company
Margaret Farrell
Director, Corporate Communications
(203) 434-2240
margaret.farrell@schwab.com
Source: The Charles Schwab Corporation
FAQ
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