The Globe and Mail reports in its Wednesday edition that retail investors, typically late to Wall Street trends, are now driving the recent rally in U.S. equities rather than playing catch-up. A Reuters dispatch to The Globe reports that Goldman Sachs says retail investor participation in S&P 500 flow hit 12.63 per cent last week, the highest since February and above the recent average, suggesting a significant influence in lifting the index to new highs. Barclays analysts indicate that retail investors are the main drivers of the current rally, having invested over $50-billion (U.S.) in global stocks in the past month, while institutional participation remains subdued. Barclays analysts said last week, "Rerisking seems to be the priority for small investors as improved sentiment into 2Q25 earnings, resilient macro data and Fed cut speculation combine to outweigh still-lingering tariff threats and deficit concerns." A recent Morgan Stanley survey found that 62 per cent of retail investors are bullish on U.S. equities, with 66 per cent believing the market will rise by quarter's end. These figures are the highest since the survey began 2-1/2 years ago. This surge in retail activity could be a positive development.