HCA Healthcare's $640M Volume Ranks 171st as Shares Drop 2.58% Amid Sector Rotation

On October 8, 2025, HCA Healthcare (HCA) traded with a volume of $640 million, ranking 171st in market activity for the day. The stock closed down 2.58% amid mixed trading conditions in healthcare sector equities.

Recent developments suggest institutional investor activity has shifted focus within the healthcare space, with HCA under pressure from broader sector rotation. Analyst notes highlight evolving capital allocation patterns, though no company-specific earnings or regulatory updates were cited in the current reporting period. The decline appears correlated with macroeconomic positioning rather than operational developments.

To run this back-test robustly, I need to clarify a few practical points: Market universe - Which exchange(s) should we scan for the "top-500-by-volume" list each day (e.g., all U.S. common stocks on NYSE + NASDAQ, only S&P 500 constituents, etc.)? Weighting method - Equal-weight each of the 500 names, or value-weight by traded dollar volume? Trade prices - Enter at the same day’s close and exit at next day’s close (T + 1), or enter at next day’s open and exit at that day’s close? Cash management & costs - Any constraints on leverage (e.g., fully-invested, 100% notional)? Assume zero commissions/slippage, or use a specific cost rate? Once these details are set, I can pull the necessary data and run the daily rebalanced portfolio back-test from January 1, 2022 through today.