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Institutional money flows back into focus

Institutional investors have once again become the key players in the U.S. stock market in recent days. According to data from Vanda Research, large investors maintained their equity positions despite the sharp rise in U.S. Treasury yields, and flows regained momentum over the past five trading days.

The research showed that options flows from institutional investors rose to about three times a typical September level. That points to risk appetite not having completely disappeared, even as 10-year and 30-year U.S. Treasury yields climbed to their highest levels in more than a decade.

Selective buying has centered on AI stocks

Despite market volatility, large funds appear to be favoring specific themes rather than broad-based buying. Data show that selective purchases have continued, especially in stocks tied to artificial intelligence.

Meta Platforms among the standout names

Against this backdrop, Meta Platforms was one of last week’s notable names. The shares of Facebook’s parent company rose by about 13% in the week after the launch of the Muse Charm device. The stock’s momentum reportedly strengthened after the company unveiled the Muse personal AI agent earlier this month.

  • 10-year and 30-year U.S. Treasury yields hit their highest levels in more than a decade.
  • The S&P 500 ended last week up more than 1%, moving back into positive territory for the month.

Retail investors are losing some influence

According to Goldman Sachs data, retail investors’ share of S&P 500 trading volume has been trending lower since a peak seen about a year ago. The bank calculated that the current level is more than 3 percentage points below the five-year average.

Retail investors had delivered a strong showing in 2025 by buying dips in the market, and they stood out especially during the volatility that followed Donald Trump’s tariff moves. Recent data, however, suggest that short-term direction on Wall Street is now being shaped more by large funds, institutions and their risk preferences.

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