The latest data from UBS’s retail market making clients shows that there were $23 million inflows on Friday, with buying occurring on four out of five trading days in January. However, this seasonal buying of single stock equities in January is on pace to be the lowest since 2020, when retail was a net seller.

Interestingly, record ETF inflows in December have carried over into January, which is typically a slow month for ETF buying. Despite this, selling across AI stocks and Aerospace and Defense has moved Tech & Industrial flows into negative territory, dragging on overall buying of single-stock equities in January.

Specifically, outflows from Tech have been ongoing since Q4 2025, with $55 million in outflows from RTX being the largest weekly outflows of 2025/2026. Industrials has also seen notable outflows in January, with $40 million in outflows from GE being the largest weekly outflows of 2025/2026.

AI Power stocks have been particularly active in terms of selling, with $27 million in outflows from ETN being the largest weekly outflows of 2025/2026. VRT and VST have also seen notable outflows, with $12 million and $5 million respectively.

Overall, these trends suggest that retail investors may be losing interest in single stock equities, particularly those in the Tech and Industrial sectors. This could be due to a variety of factors, including market volatility or shifting investment priorities. As always, it’s important for investors to stay informed and adapt their portfolios as market conditions change.