Pacific Gas and Electric Slumps to 389th in Volume Amid Liquidity Woes and Macro Headwinds

. 18, 2025, , . . equities, signaling reduced liquidity and investor engagement in the session.

The downward movement came amid mixed signals from its core operations. Recent regulatory filings highlighted ongoing grid modernization projects, which remain critical for long-term infrastructure funding. However, short-term market participants appeared cautious, as the utility sector faces macroeconomic headwinds, including elevated interest rates that pressure capital-intensive businesses. Analysts noted that PCG’s performance closely tracks regulatory developments and bond issuance timelines, both of which saw no material updates in the latest reporting period.

Back-testing the stock’s behavior under a volume-based strategy would require a tailored approach due to data limitations. A practical method involves using a broad-market ETF like SPY to approximate exposure to high-liquidity stocks. This approach would simulate daily purchases of the top 500 names by volume, though execution constraints limit full-scale implementation. Alternative frameworks, such as fixed-liquidity baskets, could also replicate the strategy within system capabilities.

To run this back-test exactly as described, we would need daily trading-volume data for every U.S.-listed stock to: 1. Rank all stocks by that day’s volume; 2. Buy the top 500 at the close (or next open); 3. Liquidate one day later and repeat. Current data-retrieval systems cannot process thousands of tickers for every trading day from 2022-01-03 to today. Two alternatives are proposed: a fixed high-liquidity universe of 500 stocks or a broad-market ETF proxy like SPY. Either method would measure overnight and intraday returns to approximate the exposure of holding a liquid basket.