Bank of America technical strategist Paul Ciana noted on Friday that FINRA data shows the annual growth rate of investors' margin debt for stock investments slowed significantly to 31.4% in September, down from 53.7% in May. Ciana warned that the slowdown in margin lending momentum from extreme levels has previously been associated with market tops in 2000, 2007, and 2021. Total margin debt in September was $1.48 trillion, a 1.5% decrease from the record high of $1.5 trillion set in June.