ServiceNow Gains 1.89% Despite 24% Volume Drop, Lands 98th in U.S. Liquidity Rankings

On Sept. 26, 2025, ServiceNow (NOW) closed up 1.89% despite a 24% decline in trading volume to $830 million, ranking 98th among U.S. stocks by liquidity. The software vendor's performance drew attention amid strategic shifts in its enterprise automation portfolio.

Analysts noted the stock's resilience against broader market volatility stemmed from renewed focus on AI integration within its Now Platform. The company's recent product roadmap emphasized generative AI capabilities for workflow automation, aligning with enterprise demand for intelligent process optimization. Institutional investors appeared to prioritize long-term positioning over short-term volume fluctuations.

To run this back-test accurately I need to pin down a couple of practical details: Universe – Which shares should we consider when ranking by volume? • All U.S.-listed common stocks (≈ 5,000 tickers), • a defined universe such as the Russell 3000, or • something else? Data source – Our engine will have to pull daily volume for every stock in that universe from 2022-01-03 to today and re-rank it each trading day. Please confirm that is acceptable (it may take a bit longer to fetch and process). Weighting – After selecting the top-500 each day, should the portfolio be • equal-weighted (1/500 per name), or • value-weighted by that day’s volume, or • something else? Execution assumptions – Should we • buy at the next day’s open and liquidate at the same day’s close (intraday hold), or • buy at the day’s close and sell at the next close (overnight hold), or • another convention? Once I have these points, I can generate the data-retrieval plan and start the back-test.