Flutter’s 2.66% Plunge and 90% Volume Surge Send It to 132th in Market Activity

Flutter (FLUT) closed 2.66% lower on Sept. 2, with a trading volume of $0.75 billion, a 90.54% increase from the previous day, ranking it 132th in market activity. The stock’s performance came amid broader market uncertainty, as investors reassessed valuations amid concerns over the S&P 500’s elevated price-to-earnings and price-to-sales ratios.

The S&P 500 now trades at 22.5 times projected earnings, surpassing its 30-year average of 17.1 and approaching the dot-com peak of 25. On a price-to-sales basis, the index is at a record 3.2 times forward revenue. This valuation expansion has intensified scrutiny over the market’s dependence on Big Tech, with the top 10 S&P 500 companies accounting for nearly 40% of its total value. These firms, including those with high profit margins, have helped temper the index’s P/E ratio despite rising multiples.

A legal challenge to former President Trump’s tariffs further underscored macroeconomic risks, as a federal appeals court ruled the tariffs exceeded executive authority under the International Emergency Economic Powers Act. The decision, which allows the tariffs to remain until mid-October, could amplify volatility in markets already sensitive to trade policy shifts. Meanwhile, retail traders and ETF flows continue to shape short-term momentum, though recent reversals in momentum-driven stocks like Duolingo highlight fragility in speculative bets.

Backtest data indicates Flutter’s price decline on Sept. 2 aligned with a broader selloff in momentum names, though the stock’s volume surge suggests short-term liquidity pressure. No additional external factors were cited to influence the move, leaving technical indicators as the primary driver of the session’s activity.