What were retail investors doing during Tuesday’s stock market selloff? Here’s a clue: They’re ‘generally a contrarian bunch’

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Everyday investors bought up $2 billion in equities and ETFs on Tuesday as stock markets slipped badly. Tuesday’s buying spree was second to the $2.6 billion spent on May 5, when the Dow Jones Industrial Average sloughed off more than 1,000 points.

When others were looking for the exits during Tuesday’s selloff, many retail investors saw an entrance to more future gains — but what were they stepping into?

When the dust settled Tuesday, the Dow Jones Industrial Average DJIA, +0.10% had dropped nearly 1,300 points, or 3.9%. Meanwhile, the S&P 500 SPX, +0.34% shed 4.3% in value and the Nasdaq Composite COMP, +0.74% dropped by 5.2% as investors mulled the possibility of stubbornly high inflation and aggressive interest rate hikes to counter the rising price problem. It amounted to the worst daily loss since June 2020.

Related: Hear from Carl Icahn at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The legendary trader will reveal his view on this year’s wild market ride.

 

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