BOE’S GREENE: THE OIL SHOCK MEANS SUPPLY WON'T RECOVER UNTIL 2027 OR 2028

Retail investors are retreating from dip-buying strategies amid heightened market volatility tied to the U.S.-Iran conflict. JPMorgan data show retail flows fell to $3 billion in the week of March 19–25, below the $6.8 billion 12-month average, with purchases at 30% of pre-war levels. The S&P 500 has dropped about 5% since late February. Vanda Research said, “The trend since the start of March has been one of gradually receding retail participation, alongside systematic deleveraging and only modest buying from long-only and hedge fund investors.” JPMorgan’s Arun Jain added, “Monday stood out as particularly weak… retail appeared to capitulate — turning net sellers for the first time in 9 months as they ‘sold the rip.’”

道琼斯指数3月26日（周四）开盘下跌211.69点，跌幅0.46%，报46217.80点； 标普500指数3月26日（周四）开盘下跌49.03点，跌幅0.74%，报6542.91点； 纳斯达克综合指数3月26日（周四）开盘下跌243.34点，跌幅1.11%，报21686.49点。