JPMorgan: Retail funds return to tech, tech ETF inflow percentile rises to 73%

According to fund flow research, JPMorgan’s October 7, 2026 research report indicates that retail net inflows reached $5.7 billion in a single week, below the 12-month average of $6.7 billion. The percentile rank for tech sector ETF inflows rose from 4% four weeks ago to 73%. The top five purchased stocks were NVIDIA ($834 million), Google ($265 million), SNDK ($150 million), MU ($135 million), and STX ($129 million). Consensus earnings growth expectations for the Q3 earnings season stand at 31%, or 27% excluding energy. JPMorgan notes that retail investors are net buying across the entire technology sector, with semiconductors, hardware, and software all gaining favor; software has also returned to focus. Whether this rotation can continue will depend on validation during the Q3 earnings season. Large banks, having underperformed recently, present pre-earnings rebound opportunities amid improving net interest income expectations. On the Brazil front, after EWZ surged 13% on Monday, retail investors took profits. JPMorgan strategists project the index could appreciate another 20% in the short term.