Top discount brokerage Charles Schwab on Tuesday said customer stock trading dropped 7% in May from April, as low market volatility dissuaded clients from trading.
Daily average trades totaled 190,300 in May, representing a 7% decline from April, while year-over-year, trading rose 27%, Schwab said in a press release. Daily average revenue trades, or DART, rang 169,400 in May, also down 7% from April, but up 25% from the year-ago period.
But the company has noticed a ramp-up in trading activity in recent weeks, Chief Financial Officer Chris Dodds told Reuters in an interview.
"May trading activity was a bit more subdued than April's levels, in part due to some relatively sideways market conditions," Dodds said.
Total client assets now stand at a record-high $1.092 trillion as of May 31, marking an 11% increase from last year and 3% rise from the previous month. Net new assets brought to the company by new and current clients totaled $3.9 billion, compared with $4.4 billion a year ago.
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