NDR: Demand for U.S. equities has remained strong

Despite concerns that elevated valuations and increased equity issuance could weigh on the market, demand for U.S. equities has remained remarkably resilient in 2026. In NDR’s latest report, Joe Kalish, Chief Macro Strategist, examines the latest flow-of-funds data to assess whether investor appetite is keeping pace with a changing supply and demand backdrop. The publication highlights several important shifts beneath the surface, including a surge in new equity issuance and the key sources of demand that continue to support the market.

NDR’s analysis suggests, while equity supply expanded significantly during the second quarter, demand proved even stronger. Foreign investors played an especially important role, with global capital flows reaching historically elevated levels, while household investors continued to provide steady support through direct equity ownership, mutual funds, and ETFs. Together, these trends suggest that concerns about excess supply have so far been outweighed by robust investor demand. 

According to NDR, the balance between equity supply and demand remains a critical factor for market performance in the months ahead. As investors evaluate economic growth, corporate activity, and capital flows, understanding who is buying equities and at what pace may offer valuable insight into the market’s underlying strength. For investors looking to better understand the forces supporting U.S. stocks today, this report provides important perspective on one of the market’s most influential drivers.  Download the full publication by completing the form to the right.

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