Trading by amateur US investors has ebbed as popular bets stumble and vaccine programmes prompt consumers to focus on holidays and big purchases rather than have-a-go market speculation. The 21-day moving average of US retail trading flows has fallen almost 20 per cent from a February peak to $1.2bn a day, according to data from Vanda Research, clashing with widespread expectations that new fiscal stimulus cheques would immediately ignite a new surge. The more hesitant tone suggests a pullback in popular stocks such as Tesla has reminded investors that, contrary to the online mantra, stocks do not only go up.
