The Charles Schwab Corporation reported that its Schwab Trading Activity Index™ $(STAX)$ increased to 48.12 in October, up from 46.12 in September. This marks the fifth consecutive monthly rise in the index, which measures retail investor stock positions and trading activity from Schwab's client accounts. The reading for the five-week period ending October 31, 2025, is characterized as "moderate low" compared to historic averages. During October, Schwab clients were net buyers of equities, continuing to outpace the S&P 500® index. The month saw strong earnings reports, with 67% of S&P 500 companies beating revenue expectations and 82% surpassing EPS estimates, reflecting revenue and EPS growth of 8.44% and 10.34%, respectively. The top three sectors for net-buys among Schwab clients were communication services, financials, and industrials, while information technology, consumer discretionary, and health care saw the most net-sells. The STAX increased in two of the five weeks tracked in October, with gains at the beginning and end of the period. The month also saw a Federal Reserve rate cut of 25 basis points and ongoing concerns about market breadth. Generation X investors showed the highest market exposure, while Generation Z exhibited the least aggressive positioning.