U.S. margin debt hits record $1.5T

BREAKING: U.S. margin debt jumped by $86.5B in June to a record $1.5T.
This marks the third straight monthly increase, with margin debt up $281.2B, or 23%, over that period.
Over the last 12 months, margin debt has surged by $494.1B, or 49%.
A broader leverage measure, which subtracts brokerage cash from total margin borrowing, is now near 1.4% of S&P 500 market cap.
That is close to the highest level on record, in line with the 2018 peak, and above the 2000 Dot-Com bubble peak.
For $SPY, the message is clear: investor leverage is now extremely elevated.
That can support upside momentum, but it also increases the risk of forced selling if markets turn.