The Invesco QQQ Trust (NASDAQ:QQQ) is up 28% over the same window and the SPDR S&P 500 ETF Trust (NYSE:SPY) rose by 18%.
Meme stocks have tripled the Nasdaq 100 and more than quadrupled broader market returns.
The starting line was March 30, when Washington and Tehran agreed to a ceasefire that paused, though did not end, the Strait of Hormuz crisis that has gripped oil markets since late February.
Risk appetite returned overnight. But what has surprised even Wall Street is the shape of the rebound.
The riskiest pockets of the market are running the fastest. And a new Goldman Sachs analysis just highlighted the engine behind and the risks ahead.
Chart: MEME ETF vs. QQQ vs. SPY, Performance Since March 30
Retail Volumes Have Jumped 28% Since Mid-April
According to a Goldman Sachs report shared with clients on Thursday, retail trading volumes have risen 28% since mid-April.
Retail trading now accounts for roughly 20% of total U.S. equity trading volumes, up from 15% a decade ago, though still below the 2021 peak of 24%.
Margin debt is now flashing the loudest signal.
Across all FINRA member firms, margin debt has surged to $1.3 trillion, equal to 52% of gross customer balances, the highest reading on record and six percentage points above the previous high set in 1998.
At the major retail brokers, Interactive Brokers Group Inc. (NASDAQ:IBKR), Robinhood Markets Inc. (NASDAQ:HOOD) and Charles Schwab Corp.
