Individual investors are tapping the brakes when it comes to purchases of U.S. stocks, taking away a pillar of support as equities pull back from an early 2023 high, according to weekly data from Vanda Research.

Daily net retail flows into U.S. markets fell below $1 billion a day in the past week, after hitting a record north of $1.5 billion earlier in February, the research firm said, in line with its previous forecast based on expectations for a reversion to the mean after a period of large purchases and weaker March-April…