Retail traders appear to be selectively buying the dip in some stocks hit hard by the regional bank crisis, according to JPMorgan.
Retail traders are beginning to buy the dip in some financial stocks that were hit hard during the banking crisis, according to JPMorgan. Strategist Peng Cheng said in a note to clients Wednesday evening that, while retail traders are pulling back from individual stocks in general, two financial names are surprisingly popular: Charles Schwab and Truist . "At the single stock level, retail traders net sold -$1.8B this past week.
One potential reason for the optimism traders have around these firms is that they don't fit neatly into the regional bank category, which has been a major source of concern over the past month, and could benefit as investors examine the companies more closely. Truist was created by a merger of two large regionals in BB & T and SunTrust, and is now much larger than many of its old peers. Truist had $555 billion of assets at the end of December, making it more than twice as big as SVB.
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