历史首次！美股1月日均成交额突破1万亿美元

Core Insights - The U.S. stock market has entered a new normal with an average daily trading volume of $1 trillion, reaching a record of $1.03 trillion in January 2025, a 50% increase compared to the same period in 2024 [1][2] - The increase in trading volume is attributed to rising stock prices, with the S&P 500 index up 15% over the past year, but other factors also contribute to the sustained rise in trading volume [4] Trading Volume Trends - The average daily trading volume in the U.S. stock market has consistently exceeded 150 billion shares over the past 13 months, a significant increase compared to only three occurrences of such volume before 2025 [4] - In January 2025, 14 out of 20 trading days saw volumes surpassing 18 billion shares, representing 70% of the trading days, compared to only 4% in 2024 [4] Market Dynamics - The increase in trading volume is not solely driven by market volatility, as indicated by the VIX index averaging only 16.2 last month [3] - Factors contributing to the rise in trading volume include the popularity of "zero-day-to-expiration" options, increased participation from retail investors through platforms like Robinhood, and explosive growth in ETFs [5] Sector Rotation - There has been a notable shift in investor focus from technology stocks to sectors like energy and industrials, marking the most significant market dispersion in five years [5] - Investors are making substantial adjustments to their portfolios, moving away from large core positions in technology stocks [7]