Gunjan Banerji, Lead Markets Writer at The Wall Street Journal, tells "Worldwide Exchange" retail investors are reshaping markets, buying dips even in downturns, and powering a bull market built differently from past cycles.

A new generation of retail investors has become a dominant force in the stock market, particularly since 2018. Unlike previous generations, these investors have not experienced major market crises such as the dotcom crash or the global financial crisis, and have been rewarded for consistently buying shares, even during downturns. Their financial assets are now more closely tied to the stock market, making up a significant portion of their net worth.

This trend has been supported by technological advancements and easier access to trading platforms, which have gamified the investment process and encouraged ongoing participation. The willingness of these investors to buy during market declines has contributed to a different kind of bull market, with retail traders acting as a stabilizing force during periods of volatility.

Banerji: New generation of retail investors reshaping the market

Is this a change from what we've seen over the past 20 or 30 or 40 or 50 years at this point. Thanks Tom. There has been a change just over the past few years. And that big shift is the increasing dominance of these retail traders. And what we're seeing is that this new generation of investors that's been in the market since 2018 2020 they don't remember the stomach churning crises of say the dotcom boom the global financial crisis when markets just took way way longer to recover. And we've seen them just buy record amounts of shares. And they've been rewarded. Right. The number of 401k millionaires out there are brokerages like Fidelity has hit records and their finances are more intertwined with the stock market than ever before making up around 36 percent of their net worth as of the first quarter. And what we've seen is that they have jumped into by the dip even when when the pros have fled around Liberation Day and they've kept buying the rest of the year. And this is a big shift from prior years. This has been a building force though I would argue over the course of the past 10 or 15 years certainly since the great financial crisis. This idea that that people are getting more active in the markets. But just what do you attribute this kind of latest rise and influence in the markets to the retail trader over. Is it Ben technology. Has it been Wall Street bets and Reddit forums. What exactly is driving this outsized influence now. Dom this has been a growing force since the global financial crisis in part because 2008 was followed by the longest bull market in history. So anyone who entered was was really rewarded. Right. People who might have opened their first brokerage accounts in 2015 2016 just saw stocks go really in one direction. But what's really interesting is that when you look at the data 2008 which was a terrible year for the stock market that was followed by four consecutive years of outflows for U.S. equity mutual and exchange traded funds. So even after stocks bottomed people kept yanking money out of the market. That is not what's happened the past few years. Take 2022 for example. Individual investors kept piling into the market in 2022 which was again a pretty terrible year for markets. They were quickly rewarded by the best two years for stocks in a quarter century. And of course there have been tech changes right. Brokerages these days have made it way easier to trade. Trading is more gamified. I think that's kept more individuals in the markets at the end of the day. Is this a good thing going in that that we have this type of activity. Does it mean that people are taking more control of their financial futures but are also being accountable for the pitfalls that can go with it. It's been a good it's been a good thing for many individuals who jumped into the markets during times of turmoil. Just think about how much stocks are up since April. Right. These individual investors keep buying the debt because they have been rewarded. It has structural implications for the bull market today. I think it means that this bull market is built differently because you have this incredibly strong cohort of investors willing to jump in when things are falling apart. Kind of even functioning the way short sellers might have in the past. They've just been an incredibly powerful force during some of the worst days for the market this year.

The National Guard has started to patrol the streets of Washington after U.S. President Donald Trump declared a crime emergency. He’s also ordered troops to clear out all homeless encampments by the end of the week.

Washington

National Guard starts patrolling Washington

Record-high temperatures across Europe are fanning wildfires across the continent. Experts say a warming climate and an increase in flammable vegetation from rural depopulation are major factors.

Madrid

Historic heat fuels fires across Europe

Hungary's PM Viktor Orbán said the EU attempts to set conditions for a meeting to which leaders of the EU were not invited. He also called for an EU-Russia summit.

Brussels

Ukraine Invasion

EU leaders rally behind Ukraine ahead of Trump-Putin talks

President Trump said Monday he expects that Russia and Ukraine will "land swap" certain territories as part of an eventual ceasefire deal. Mr. Trump is set to meet with Russian President Vladimir Putin in Alaska on Friday.

Trump claims 'land swapping' between Russia, Ukraine will happen

Taylor Swift confirmed her 12th studio album, "The Life of a Showgirl," in a teaser for her upcoming appearance on her boyfriend Travis Kelce's podcast. Swift did not disclose the release date of the album.

Taylor Swift announces new album, 'The Life of a Showgirl'

U.S. President Donald Trump said that his planned meeting with Russian President Vladimir Putin in Alaska on Friday will be to "feel out" the leader as pressure mounts for Russia and Ukraine to make a peace deal.

Trump to meet with Putin in Alaska on Friday

A meeting between US President Donald Trump and Russian President Vladimir Putin is set to take place in Alaska, with European leaders notably excluded from the talks. Until Europe can defend itself, it's not likely to be invited to a great power dialogue, experts have told Euronews.

Alaska

Europe frozen out as U.S. and Russia prepare for Alaska talks

U.S. President Donald Trump said on Monday that Kyiv and Moscow will both have to cede land to end the war in Ukraine and talks with Russian President Vladimir Putin this week will instantly show whether the Kremlin leader is willing to make a deal.

Trump says both sides in Ukraine war will need to cede territory

A prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues and another journalist in an Israeli airstrike in an attack condemned by journalists and rights groups.

Jerusalem

Middle East Conflict

Israeli strike kills Al Jazeera journalists in Gaza

At last one person is dead, dozens are injured and two people are unaccounted for after an explosion at the U.S. Steel Clairton plant in Pennsylvania on Monday.

Clairton

At least 1 dead, dozens injured in U.S. Steel plant explosion

President Donald Trump has placed the Metropolitan Police Department under federal control and announced he's activating the National Guard to combat crime in Washington, D.C.

Trump deploying National Guard to Washington, D.C.

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair.

Trump and Putin set to meet on Friday without Zelenskyy

U.S. President Donald Trump and Russian President Vladimir Putin are scheduled to meet in Alaska on Friday to discuss ending the war in Ukraine. Kyiv and its allies fear being sidelined and worry any deal could reward Moscow’s occupation of Ukrainian territory.

Kyiv

Ukraine fights for a seat at the table ahead of Trump-Putin summit

Israeli Prime Minister Benjamin Netanyahu is defending his decision to keep fighting in Gaza, despite protests at home and abroad. Debora Patta has the latest.

Tel Aviv-Yafo

Netanyahu defends plan to expand war in Gaza

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair. Willie James Inman has more from the White House.

Anchorage

Countdown begins to Trump-Putin meeting, without Zelenskyy

Violent weather hit several Midwest states over the weekend, with high winds being blamed for the death of at least one person in Nebraska and flash flooding prompting a state of emergency in Milwaukee County, Wisconsin.

Milwaukee

Milwaukee inundated with floodwaters, one dead in Nebraska

Thirty-seven major wildfires are currently burning across nine states in the western United States. Firefighters have made significant progress on the Canyon Fire in California, achieving 62% containment and allowing over 4,000 residents to return home, with minimal property loss reported.

Major fires continue to burn across western U.S.

President Donald Trump's envoy met with the Qatari prime minister on Saturday in Spain to discuss possible deals to end the Israel-Hamas war in Gaza, as Israel's military plans to expand into Gaza City. Meanwhile, families of Israeli hostages and Palestinians alike are pleading for peace.

Families of Israeli hostages, Palestinians plead for ceasefire

Renewed anti-government protests have taken place in Israel, where relatives and supporters of Israeli hostages held by Hamas demanded their release and an end to the brutal war Israel has been waging in Gaza.

Israeli anti-government protesters take to the streets in Tel Aviv

Ukraine's President Volodymyr Zelenskiy said that Kyiv "values and fully supports" a joint statement by European leaders that welcomed U.S. President Donald Trump's efforts to try to end the war, while emphasizing the need to pressure Russia and provide security guarantees for Kyiv.

Europe stresses need to protect Ukraine ahead of Trump-Putin meet

Ukrainian President Zelenskyy has firmly rejected Russia’s proposal requiring land concessions to end the war. Ukrainian and European officials have submitted a counterproposal to Washington.

Ukraine, Europe counter Russian ceasefire proposal ahead of US talks

There have been more protests, and counter protests, in several British towns and cities, outside of hotels used to accommodate asylum seekers. Some far-right protesters called for one of the hotels to stop housing migrants.

Bournemouth

UK: Anti-immigration & anti-racism protesters face off

A man who opened fire on the U.S. Centers for Disease Control and Prevention headquarters in Atlanta, firing into the complex from a pharmacy and killing a police officer, blamed the COVID-19 vaccine for making him depressed and suicidal, according to reports.

Atlanta

Vaccine conspiracy could be behind Atlanta shooting

The Gifford Fire burning through the rugged backcountry of California's Central Coast is now the state's largest wildfire of the year. It has reached so-called "mega-fire" status and is one of 38 large fires burning across nine states.

San Luis Obispo

Largest California wildfire of 2025 reaches "mega fire" status

President Trump is preparing to take another swing at a deal with President Putin during a high-stakes summit next Friday in Anchorage, Alaska. Ukraine President Volodymyr Zelenskyy says the country will never give up land, even if it means an end to the war.

Trump: Ukraine must cede land for ceasefire; Zelenskyy refuses

The United Nations Security Council is set to hold a rare Sunday meeting to discuss Israel's plan to intensify its 22-month war with Hamas by taking control of Gaza City. CBS News' Debora Patta reports on the conflict and the mounting humanitarian crisis.

Netanyahu's plan to occupy Gaza comes under fire

At least 200 protesters have been arrested at a rally showing solidarity for Palestinians in Gaza, outside the Parliament in London. Crowds are also demonstrating against a ban on the Palestine Action group, after it was designated as a terrorist organisation.

Breakdown