"The 'buy-the-dip' mentality has only strengthened since 2022, but with mixed subsequent results. In 2022, they have experienced losses more than double those of the market (-54% vs. -18% in S&P)," JPMorgan said, adding: "Overall, Retail is down -12.9% YTD compared to 8.3% for the S&P 500."

Retail investors bought $4.7 billion in stocks on Thursday, the highest level over the past decade, JPMorgan (JPM.N), opens new tab said in a note on Friday. The historic "buy-to-dip" move by retail investors included names such as Nvidia (NVDA.O), opens new tab, Amazon (AMZN.O), opens new tab and S&P exchange-traded funds, but they sold Tesla (TSLA.O), opens new tab.

JPMorgan said that retail performance on Thursday was in line with the losses posted by S&P 500 index on the day, while individuals' stock portfolios are down 12.9% year-to-date on average, below the index.