Retail trader clients are net buyers of equities and fixed income products during a period characterized by caution

The Investor Movement Index^® (IMX℠) decreased to 6.42 in March, down from 6.79 in February. The IMX is TD Ameritrade’s proprietary, behavior-based index, aggregating Main Street investor positions and activity to measure what investors actually were doing and how they were positioned in the markets.

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TD Ameritrade March 2022 Investor Movement Index (Graphic: TD Ameritrade)

The reading for the four-week period ending March 25, 2022 ranks “Moderate” compared to historic averages.

“In March, TD Ameritrade clients showed strong buying interest in the Consumer Discretionary, Financials, and Industrial sectors, while there was strong selling in Energy, Information Technology, and Materials,” according to Shawn Cruz, director of derivative strategy, TD Ameritrade. “While TD Ameritrade clients were net buyers of equities in March, as would be expected during uncertain times, levels were lower than recent IMX periods, and fixed income products were also net bought over the period.”

At a sector level, the performance of the S&P 500 was mixed in March, with only Energy, Utilities, and Real Estate remaining in positive territory throughout the period. The remaining sectors struggled at the start of the month before rallying to finish the period with all sectors in positive territory. Interest rates were particularly volatile but steadily climbed throughout the month, with certain areas of the Treasury Yield Curve inverting to some extent. There was plenty of interest rate news to digest in March as the Federal Reserve approved its much-anticipated rate hike at its March meeting in addition to giving updates to its economic forecasts. On the geopolitical front, the conflict between Russia and Ukraine escalated further, leading to surging commodity prices including the largest weekly increase on record according to one index. Despite plenty of cause for concern on many fronts, equity markets finished the month in positive territory, with the S&P 500 exiting the correction territory it hit in February.

The month started with strong demand for equities which quickly faded before turning to outright selling. Demand for equities made a slight recovery as the month came to an end, however, and ultimately, TD Ameritrade clients were net buyers during the period. Some of the popular equity names bought in March were:

• Apple Inc. (AAPL)
• Meta Platforms Inc. (FB)
• Tesla Inc. (TSLA)
• Intel Corp. (INTC)
• Shopify Inc. (SHOP)

Names sold during the period included:

• Chevron Corp (CVX)
• Exxon Mobil Corp. (XOM)
• Nucor Corp. (NUE)
• United States Steel Corp. (X)
• Moderna Inc. (MRNA)

About the IMX

The IMX value is calculated based on a complex proprietary formula. Each month, TD Ameritrade pulls a sample from its client base of funded accounts, which includes all 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 IMX.

For more information on the Investor Movement Index, including historical IMX data going back to January 2010; to view the full report from March 2022, or to sign up for future IMX news alerts, please visit www.tdameritrade.com/IMX. Additionally, TD Ameritrade clients can chart the IMX using the symbol $IMX in either the thinkorswim^® or thinkorswim Mobile platforms.

Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold. All investments involve risk including the possible loss of principal. Please consider all risks and objectives before investing.

Past performance of a security, strategy, or index is no guarantee of future results or investment success. 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 IMX is not a tradable index. The IMX should not be used as an indicator or predictor of future client trading volume or financial performance for TD Ameritrade.

About TD Ameritrade

TD Ameritrade provides investing services and education to self-directed investors and registered investment advisors. A leader in U.S. retail trading, we leverage the latest in cutting edge technologies and one-on-one client care to help our clients stay on top of market trends. Learn more by visiting www.amtd.com.

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