Retail investors are taking over: Off-exchange trading volume as a % of total stock trading has averaged a record 51% so far in 2025. Volume recorded at platforms that match orders from brokerages, a proxy for retail activity, posted its 3rd consecutive annual increase. Since 2016, this percentage has risen by 15 points. Meanwhile, average daily volume of US-listed stocks has been ~12.0 billion shares since 2019, ~75% above the levels seen over the prior 6 years. Over the last 12 months, daily volume has averaged a massive 16.7 billion shares. Retail traders are driving the market.

This is historic: The Nasdaq’s market cap has exceeded the NYSE’s market value for the 4th consecutive month, making it the world’s largest exchange. This is only the 2nd time Nasdaq has overtaken the NYSE, the first being in 2021. This comes as the Nasdaq’s market cap hit a record $36 trillion, ~$5 trillion above the NYSE’s $31 trillion. Its total value has DOUBLED over the last 3 years, driven by a massive surge in technology stocks. During the same period, the NYSE has gained +$9 trillion, or +41%. Tech is reshaping the world.

BREAKING: Canada is pausing the Reagan tariffs advertisement following President Trump's post terminating US-Canada trade talks last night. We expect trade talks to resume promptly.