Alibaba Surges 2.27% Despite 23.75% Volume Drop to $2.69B Ranks 33rd in U.S. Market

On October 1, 2025, Alibaba Group (BABA) closed with a 2.27% gain despite a 23.75% decline in daily trading volume to $2.69 billion, ranking 33rd among U.S.-listed equities. The stock’s performance followed a mixed earnings update highlighting improved cloud revenue but muted retail growth, with analysts noting cautious investor sentiment toward near-term guidance.

Recent regulatory developments in China’s e-commerce sector added complexity to market dynamics. A revised antitrust framework, effective mid-2025, introduced clearer compliance guidelines for platform operators, reducing uncertainty that had previously weighed on tech valuations. Institutional buyers appeared to capitalize on the reduced volatility, with several large orders executed in the final hour of trading.

To deliver an accurate back-test I need to confirm a few practical details: 1) Universe: All U.S. listed common stocks, or a specific subset (e.g., S&P 500 constituents)? 2) Ranking metric: “Daily trading volume” by number of shares, or by dollar value? 3) Execution convention: Buy at today’s close and sell at tomorrow’s close (typical for end-of-day ranking strategies)? 4) Portfolio construction: Equal-weight across the 500 names each day? 5) Transaction costs / slippage: Should we include a per-trade commission or assume frictionless trading? 6) Output preference: Key performance metrics only, or a full equity-curve visualization as well? With these points clarified I can generate the required signals and run the back-test.