JPMorgan: Retail funds return to tech, tech ETF inflow percentile rises to 73%

According to Chaoxiang Research, a JPMorgan Chase research report dated October 7, 2026, indicates that retail investor weekly inflows reached $5.7 billion, below the 12-month average of $6.7 billion. The percentile rank for tech sector ETF inflows increased from 4% four weeks ago to 73%. The top five stocks purchased were NVIDIA ($834 million), Google ($265 million), SNDK ($150 million), MU ($135 million), and STX ($129 million). Consensus expectations for Q3 earnings growth stand at 31%, or 27% excluding energy.

JPMorgan observes that retail investors net bought across the entire technology sector, favoring semiconductors, hardware, and software, with software re-entering the spotlight. Whether this rotation can persist will depend on validation during the Q3 earnings season. Major banks offer pre-earnings rebound potential following recent underperformance, backed by improving net interest income forecasts. In Brazil, retail investors took profits after a 13% Monday surge in EWZ; JPMorgan strategists project the index could gain another 20% in the short term.