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Reproduced from BCA Research using Bloomberg data; Table: Axios Visuals

A report from BCA Research published Monday finds Robinhood users are moving into speculative bets at an incredible rate, radically increasing holdings in three groups of stocks — airlines, cruise ships and mortgage REITs.

What's happening: "Retail investors have provided institutions with an opportunity to exit stocks in the three stressed groups," Doug Peta, BCA's chief U.S. investment strategist, writes in the note.

  • "Stocks from the groups we highlighted all face daunting current predicaments. They might deliver sizable returns if they can emerge mostly unscathed, but that is a big if."
  • "They have come to account for an outsized share of Robinhood customers’ holdings, especially relative to their market capitalizations."

By the numbers: The number of Robinhood accounts owning airlines, cruise ships and selected mortgage REITs has "exploded since late March," Peta says.

  • The number of Robinhood accounts holding six large- and mid-cap airlines has risen by 48 times its Feb. 19 level, with component holdings of United and Spirit increasing at 87 and 81 times, respectively.
  • The number of Robinhood accounts holding REITS like Invesco Mortgage Capital, MFA Financial and AG Mortgage Investment Trust — which BCA notes "all failed to meet margin calls from their repo lenders and have either suspended or cut dividends" — has risen 93-fold, on average, since the S&P 500 peaked in February.

By contrast, holdings of Apple and the iShares and Vanguard S&P 500 Index ETFs have only doubled since the February market peak.

Of note: The only thing all three groups have in common is that they have fallen significantly in price since the Feb. 19 high.

The big picture: Retail investors may be leading the charge, but the recent surges in many of the stocks BCA examined suggest that "algorithms, hedge-funds and other fast-money pools of capital may be amplifying the momentum that retail activity has set in motion."

Watch this space: Retail traders also could be making up for the lack of stock buybacks, Goldman Sachs strategists argue in a note to clients.

  • While they expect net corporate demand to plunge 80% to $100 billion this year as companies slow down buybacks and ramp up stock sales to increase cash holdings, the decline is being partly offset by a roughly $270 billion increase in demand from households.

Go deeper: Expect lawyers to take aim at Robinhood

Go deeper

S&P 500 on the brink of a correction

Expand chart
Data: FactSet, Chart: Axios Visuals

The S&P 500 hit its highest level ever earlier this month — but as September closes out, the index is teetering on the brink of correction territory.

Where it stands: As of Thursday’s close, the S&P 500 has sunk 9.3% below its record high. Slight gains on Thursday pushed it a bit further away from the 10% decline that would mark a correction — but investors say volatility could be here to stay.

Updated 4 hours ago - Sports

Olympics dashboard

Silver medalist Lilly King of Team USA (left) embraces gold medalist Tatjana Schoenmaker of Team South Africa on the podium during the medal ceremony for the Women's 200m breaststroke final on July 30. Photo: Clive Rose/Getty Images

🥇 : U.S. gymnast Suni Lee wins gold in the women's individual all-around

🚣‍♀️: Team USA women's eight rowing fails to reach the podium

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏊: Olympic swimmer Ryan Murphy wins Silver in 200m

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage

Former Michigan Sen. Carl Levin dies at 87

Sen. Carl Levin (D-MI) in 2014. He died Thursday. Photo: Win McNamee/Getty Images

Former U.S. Sen. Carl Levin (D-Mich.) died Thursday, his family and the Levin Center at Wayne Law — which bore his name — confirmed. He was 87.

Why it matters: The Detroit native served for 36 years in the U.S. Senate, serving twice as chairman of the Armed Services Committee and is credited with helping overturn the military's “Don’t Ask, Don’t Tell” rule.