Cloudflare's $0.43 Billion Volume Surges 34.21% to Rank 291st in U.S. Markets

On October 10, 2025, Cloudflare (NET) closed down 3.23% with a trading volume of $0.43 billion, representing a 34.21% increase from the previous day’s volume. The stock ranked 291st in trading activity across US equities markets, indicating heightened investor attention amid mixed market conditions.

Recent developments suggest mixed signals for the cybersecurity infrastructure provider. Analysts noted short-term volatility could stem from broader macroeconomic uncertainties, though no material company-specific announcements directly influenced the price action. Institutional activity remains a key variable, with volume spikes often preceding directional moves in the stock’s trajectory.

To run this properly I’ll need to set up a daily-rebalanced, equal-weight portfolio that—each trading day from 2022-01-01 onward—buys the 500 listed stocks with the highest dollar trading volume and exits them at the next day’s close. Before I start pulling data, could you confirm (or amend) the following implementation details? 1. Universe • All common stocks listed on US exchanges (NYSE + NASDAQ + NYSE Arca)? • ADRs and ETFs excluded? 2. Rebalancing mechanics • Entry price: same-day close (rank volumes on today’s close, then buy at that close). • Exit price: next-day close (i.e., 1 full trading day holding period). • Equal weight across the 500 names. 3. Transaction costs & slippage • Assume zero, or would you like to impose a per-trade cost (e.g., 2 bp per leg)? 4. Benchmark for comparison (e.g., SPY)? Once those points are set, I’ll fetch the daily volume & price data, build the signals, and run the back-test.