eBay Surges 18.3% on $1.85B Volume, Becomes S&P 500's Top Performer

On July 31, 2025, eBay (EBAY) surged 18.30% with a trading volume of $1.85 billion, ranking 58th in market activity. The stock’s rally followed a robust quarterly performance, with revenue rising 6% year-over-year to $2.73 billion and adjusted earnings reaching $1.37 per share, surpassing analyst estimates. Gross merchandise volume (GMV) also climbed 6% to $19.5 billion, reflecting strong marketplace demand and disciplined execution. The company projected third-quarter revenue between $2.69 billion and $2.74 billion, exceeding Wall Street’s $2.66 billion forecast.

EBAY’s gains positioned it as the top-performing S&P 500 component, driven by outperforming financial metrics and a growing active buyer base of 134 million. The stock’s volatility marked a rare 19% move, contrasting with its typically subdued trading pattern. Analysts highlighted the significance of the results amid broader market pressures from rising inflation data and mixed earnings from other sectors.

A strategy of purchasing the top 500 stocks by daily trading volume and holding for one day generated a 166.71% return from 2022 to present, outperforming the benchmark’s 29.18%. This outperformance underscores the role of liquidity-driven momentum, particularly in high-volume stocks like eBay, which saw significant trading surges during the period. However, the approach’s reliance on short-term liquidity dynamics suggests its effectiveness may vary with evolving market conditions.