S&P 500 rally boosts retail trading as Goldman sees volumes up 28%

Retail trading volumes have risen 28% since mid-April as the S&P 500’s record run draws individual investors back into U.S. equities, Goldman Sachs strategist Daniel Chavez said in a May 14, 2026, note. Goldman estimated a basket of retail-favored stocks has gained 29% over the same period. Chavez said the replacement of pattern day trader rules with less stringent margin requirements could further increase retail trading activity. Retail traders hold about $12 trillion in equity assets in self-directed brokerage accounts, equal to roughly 10% of the total U.S. corporate equity market, Goldman said. Retail activity recently accounted for about 20% of total U.S. equity trading volume, up from 15% a decade ago but below the 24% peak reached in 2021 during the GameStop-driven meme-stock surge. Goldman said retail activity is concentrated in consumer discretionary and technology stocks and is skewed toward higher-volatility, higher-valuation shares.