Klarna's Shares Plunge 6.72% as Trading Volume Plummets 74.1% to $620M Ranking 183rd Among U.S. Equities

. 11, , ranking 183rd among U.S.-listed stocks. The decline followed a mixed earnings report and regulatory scrutiny in key markets.

Analysts highlighted concerns over the (BNPL) sector's broader challenges, including shifting consumer spending patterns and tightening credit standards. Klarna's recent expansion into Europe faced pushback from regulators, adding pressure to its valuation multiples. Institutional selling pressure was noted in after-hours trading as short-term traders adjusted positions ahead of earnings season.

To set up this back-test robustly, I need to confirm a few implementation details: Market universe—U.S.-listed equities only (NYSE + NASDAQ), or a different market? Re-balancing mechanics—Each trading day we rank all stocks by that day’s dollar trading volume, buy the top 500 at the close, and sell them at the next day’s close (i.e., a 1-day holding period)? Positions equally weighted across the 500 names, or some other weighting rule? Practical considerations—Ignore transaction costs and slippage, or apply an estimate (e.g., 5 bps round-trip)? Any liquidity filters beyond dollar volume (e.g., minimum price)? Once we lock these items down, I can pull the necessary data and run the back-test from 2022-01-01 to today.