Interest rates were all the talk across financial markets in January, with investors growing concerned about the prospect of multiple rate hikes in the US this year.

That had a major impact on growth stocks, particularly those in the tech sector. The tech-heavy Nasdaq index slumped 9% across January as investors started to question valuations for unprofitable companies and those with uncertain future cash flows. At one stage, the index losses were even larger, pushing 15%, before Apple (NASDAQ: AAPL) almost single-handedly drove a late-month rally.

The S&P 500 and Dow Jones weren't spared from the sell-off either, however, they escaped in a much better position due to the diversity of their index composition, which includes mature cyclical and value stocks. The indexes finished the month just 5.3% and 3.3% lower respectively.

How did Selfwealth members respond to the chaos? Let take a look.

US share trading activity

Unsurprisingly, big tech was the resounding theme at the centre of last month trading activity, with investors quickly making a move on a number of high-profile stocks. 

Tesla (NASDAQ: TSLA), Nvidia (NASDAQ: NVDA), Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) all featured among the top five most-traded US stocks on the Selfwealth platform by value, as well as by orders filled. Each of these companies came under pressure amid the tech slump, prompting buying support among long-term investors.

One of the other prominent trends last month was the uptick in capital through complex ETFs that wager' on the outlook of the market. Although trades in these names were relatively light, they represented a significant portion of capital. 

It was a case of mixed bets as well, with some predicting the market to fall further and buying the ProShares UltraPro Short QQQ ETF (SQQQ) and Tuttle Capital Short Innovation ETF (SARK), while bullish investors backed the ProShares UltraPro S&P500 (UPRO), ProShares UltraPro QQQ (TQQQ), and FNGU - MicroSectors FANG+ Index 3X Leveraged (FNGU). Meanwhile, some interest even flocked to products tracking market volatility, including the iPath Series B S&P 500 VIX Short-Term Futures (VXX) and ProShares Ultra VIX Short Term Futures ETF (UVXY). The real takeaway here is that a small number of investors have been quick to reposition their portfolios in an effort to be one step ahead of the market, but most investors appear to be keen to reload on tech stocks that have been hit hard.Further evidence of this is evident from the strong flow of funds into Palantir (NYSE: PLTR) shares, with the stock seeing 86% of the value of all trades driven by buying activity. That was bettered only by Chinese e-commerce giant Alibaba (NYSE: BABA), which recorded a 92.8% buy-to-sell ratio. Both tech stocks hit their lowest levels in more than a year, and with each being a high-publicity name, long-term investors wasted no time buying the dip.

Top 20 stocks traded by valueCode SecurityBuy-sell Ratio1TSLATesla66.8%2NVDANvidia53.6%3AAPLApple54.0%4MSFTMicrosoft67.5%5GOOGAlphabet46.7%6VXXiPath Series B S&P 500 VIX Short-Term Futures49.6%7BABAAlibaba92.8%8UPSTUpstart51.5%9SQQQProShares UltraPro Short QQQ ETF41.8%10PLTRPalantir86.0%11UPROProShares UltraPro S&P50035.6%12AMDAdvanced Micro Devices40.1%13TQQQProShares UltraPro QQQ59.5%14FBMeta54.4%15UVXYProShares Ultra VIX Short Term Futures ETF50.5%16DISDisney59.6%17AMZNAmazon64.6%18BBIGVinco Ventures47.6%19FNGUFNGU - MicroSectors FANG+ Index 3X Leveraged52.7%20SARKTuttle Capital Short Innovation ETF55.0%

Which US shares are the most held?

Community favourite Tesla (NASDAQ: TSLA) is proving unmoveable at the top of the list for the most-held US stock in the Selfwealth community, even with the EV-maker slumping 11.4% across January. The stock actually bolted out of the gates at the start of the month following its production and deliveries update, while news of its supply chain woes weighed briefly on investors' minds late in the month before the market-wide bounce helped spark a rally.Once a frontrunner as the most-popular stock on the Selfwealth US trading platform, GameStop (NYSE: GME) has fallen down to fifth place. The stock dived 26.6% in January, and some of the positive sentiment that propelled the stock higher a year ago has gradually worn away over time. Nonetheless, the stock still has a place in the hearts of many investors betting on a long-term turnaround in the company fortunes.Multinational pipeline operator Enbridge (NYSE: ENB) has also attracted some niche interest within the Selfwealth community, and the stock was one of the few to defy the market slump in January, rising more than 8%. With oil prices rallying to more than US$90 per barrel, a seven-year high for the commodity, the energy sector is currently seeing a wave of interest across the broader market. It appears most Selfwealth members haven't quite found the conviction to back that trend, at least yet, with Enbridge the only representative from the energy sector among the top 50 US stocks.Another interesting trend that has emerged since our last update, albeit driven by one high-conviction investor, is an interest in Canadian bank stocks like Royal Bank of Canada (NYSE: RY), Bank of Nova Scotia (NYSE: BNS), Toronto-Dominion Bank (NYSE: TD) and Bank of Montreal (NYSE: BMO). With Canadian banks increasing their quarterly dividends by double digits and also on the verge of lifting interest rates, there may be some speculation the sector could be one area that sees tailwinds start to deliver results for shareholders. 

US StockCompany1TSLATesla2RYRoyal Bank of Canada3AAPLApple4MSFTMicrosoft5GMEGameStop6AMZNAmazon7BABAAlibaba8GOOGLAlphabet Class A9NVDANvidia10PLTRPalantir11ENBEnbridge12ARKKARK Innovation ETF13BRK.BBerkshire Hathaway14VOOVanguard 500 Index Fund ETF15FBMeta16BCEBCE17BNSBank of Nova Scotia18TDToronto-Dominion Bank19BMOBank of Montreal20QQQInvesco QQQ Trust Series 1

That all for this Trade Trends report, stay tuned for the next edition this time next month!