On July 31, 2026, the latest data released by the Securities Industry and Financial Markets Association (SIFMA) showed that the number of new US stock accounts surged 32% year over year in the first half of this year, a record high for the period. Among them, millennial and Gen Z investors exceeded 60% for the first time, becoming the main force entering the market. Against the backdrop of years of consecutive gains and historically high valuations in US stocks, this data has once again sparked heated debate over whether US stocks are still worth buying.

Data Highlights: Retail Investors' Enthusiasm Shows No Sign of Cooling

According to SIFMA statistics, from January to June 2026, US retail brokerage accounts saw a net addition of approximately 4.8 million, far exceeding the 3.6 million in the same period of 2025. Notably, about 62% of the new accounts came from investors under 35, nearly double the proportion five years ago. Online brokers Interactive Brokers and Charles Schwab both said that their zero-commission trading and fractional shares features are key tools for attracting young users.

Meanwhile, the US stock ETF market has also seen a flood of capital. Morningstar data shows that total inflows into US stock ETFs reached $312 billion in the first half of the year, with S&P 500 index ETFs and Nasdaq 100 ETFs the most popular. Analysts point out that the low barrier and diversification of ETFs allow young people without stock-picking experience to participate in the long-term growth of US stocks at low cost.

Why Is It Still a Good Time to "Buy US Stocks"?

Home to Global Tech Leaders

US stocks are home to the world's most valuable technology companies, including Apple, Microsoft, NVIDIA, and Google, which continue to lead innovation in frontier fields such as artificial intelligence, cloud computing, and semiconductors. In the second quarter of 2026, technology sector earnings grew 18% year over year, far outpacing other major global markets. A recent Goldman Sachs research report believes that tech giants' strong cash flows and global pricing power make them "core assets" for weathering economic fluctuations.

Institutional and Market Maturity Advantages

The US stock market has the world's most complete regulatory system, the most transparent information disclosure, and the richest set of hedging tools. Even in highly volatile environments, mature market mechanisms can provide solid liquidity protection. In addition, US stocks allow investors to manage risk through options, short selling, and other strategies, which further enhances their appeal to institutional capital.

Value of Dollar Asset Allocation

Amid heightened global uncertainty, the dollar's status as the primary reserve currency remains solid. Holding US stocks is equivalent to indirectly holding dollar-denominated assets, which can hedge against currency and geopolitical risks to a certain extent. Morgan Stanley strategists say that for non-US investors, an appropriate allocation to US stocks is a key part of globalizing assets.

Young Investors' "New Playbook"

Unlike older generations, the new wave of US stock investors prefers a combination of "passive + active" approaches. About 70% of new accounts hold both index ETFs and individual stocks, with Tesla, Apple, and NVIDIA the most favored stocks. The rise of social trading platforms has also amplified young people's enthusiasm, with Reddit stock forums and TikTok investment short videos serving as "first teachers" for many.

However, young investors also face the challenge of inexperience. SIFMA data shows that about 40% of new accounts engaged in at least one day trade within six months of opening, and such trades often come with a high loss ratio. Market participants remind that long-term regular investing and diversified allocation are the rules for retail investors to survive steadily in US stocks.

Risk Warning: High-Level Volatility Cannot Be Ignored

Although US stocks' long-term appeal remains intact, short-term risks still need attention. The S&P 500's forward price-to-earnings ratio is currently near 22 times, above the 18 times ten-year average. If corporate earnings disappoint or the Federal Reserve changes policy direction, the market could see a sharp correction. In addition, macro events such as the US election cycle and trade policy changes may intensify volatility.

The Wall Street Journal, citing several strategists, believes that US stocks are likely to show a pattern of "high volatility and slow gains" in the second half of 2026. For new investors, a combination strategy of "regular index investing + carefully selected individual stocks" is recommended, while keeping 10%-20% cash to cope with sudden drawdowns.

Conclusion: The "Golden Track" in the Long Arc of History

From 1926 to 2026, US stocks delivered an annualized return of about 10%, during which they weathered the Great Depression, two oil crises, the dot-com bubble, and the global financial crisis—yet long-term holders ultimately earned generous rewards. Today's record number of new accounts precisely confirms the market's shared recognition of US stocks' long-term value. Whether for asset growth or wealth transfer, US stocks remain an indispensable allocation for global investors. The prerequisite is to understand risk, maintain discipline, and let time be your friend.