Schwab Q4 2026 Retail Client Sentiment Report
The political landscape in Washington, D.C. remains retail investors’ top investing concern, followed by geopolitical or global macroeconomic issues.
Key findings
- Forty-six percent of retail clients are bearish on the U.S. stock market for Q4, up from 35% in Q3 2026, while 36% are bullish, down from 47% in Q3.
- Retail investors’ top investing concern is the political landscape in Washington, D.C., and they believe geopolitical conflicts will have the biggest impact on the stock market for the remainder of 2026.
- Nearly half (48%) of retail clients are confident in their current investing decisions, and 90% say they are confident about reaching their financial goals.
- Among Schwab’s active trader clients, 84% say they are likely to “buy the dip” if there is a notable market decline in Q4.
- Traders are mixed on AI infrastructure buildout: 33% say returns will justify the investment over time, 27% believe companies are overinvesting and their earnings will suffer, and 36% say it’s too early to tell how much the investments will pay off.
- Gen Z investors cite an AI bubble as their top investing concern for the second consecutive quarter.
About the Charles Schwab Client Sentiment Survey
The Charles Schwab Client Sentiment Survey is a quarterly study exploring the outlooks, expectations, plans, and points of view of Charles Schwab clients.
The Q4 2026 study methodology: The survey was fielded September 10-17, 2026, among:
- 964 retail clients, each with at least $2,000 in retail assets at Charles Schwab
- 836 active trader clients, defined as clients who actively trade equities or trade options, futures, or forex, each with at least $2,000 in retail assets at Charles Schwab
- 281 additional Gen Z clients included for Gen Z-specific reporting
Media Contact: Meredith Richard
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