AAII Sentiment Survey: Neutral Sentiment Returns

Neutral sentiment among individual investors about the short-term outlook for stocks increased in the latest AAII Sentiment Survey. Meanwhile, optimism and pessimism decreased.

Bullish sentiment, expectations that stock prices will rise over the next six months, decreased 2.5 percentage points to 36.8%. Bullish sentiment is below its historical average of 37.5% for the first time in four weeks.

Neutral sentiment, expectations that stock prices will stay essentially unchanged over the next six months, increased 7.4 percentage points to 29.2%. Neutral sentiment is below its historical average of 31.5% for the 53rd time in 55 weeks.

Bearish sentiment, expectations that stock prices will fall over the next six months, decreased 4.9 percentage points to 34.0%. Bearish sentiment is above its historical average of 31.0% for the 34th time in 36 weeks.

The bull-bear spread (bullish minus bearish sentiment) increased 2.5 percentage points to 2.7%. The bull-bear spread is below its historical average of 6.5% for the 24th time in 25 weeks.

This week’s special question asked AAII members how they think tariffs will impact economic growth in the second half of 2025.

Here is how they responded:

• They will slow the U.S. economy by a significant amount: 22.8%
• They will slow the U.S. economy by a modest amount: 45.9%
• They will have little/no impact on the U.S. economy: 21.0%
• They will boost the U.S. economy: 6.6%
• Not sure/no opinion: 3.1%

See more Sentiment Survey results.