Schwab Trading Activity Index Sees Steepest Monthly Drop Since May 2025

The Schwab Trading Activity Index (STAX) experienced its most significant monthly decline in nearly a year, falling to 56.04 in March 2026. This reading marks a notable decrease from the 57.32 recorded in February, representing the steepest drop since May 2025. According to data from Charles Schwab, retail investors shifted toward a slightly bearish stance during the month as geopolitical tensions escalated. This change in sentiment was primarily driven by the onset of a military conflict, which introduced heightened uncertainty into global financial markets. The decline in the STAX index reflects a broader reduction in risk appetite among individual traders responding to macro instability. Market analysts suggest that such a pullback in retail activity often correlates with increased volatility across major instruments like the S&P 500 and Nasdaq-100.