DoorDash Shares Plunge 0.96% as $670M Turnover Plummets 76% to 158th in U.S. Liquidity Rankings

On September 22, 2025, , marking its lowest daily trading volume since the start of the year. , . equities in terms of liquidity. The muted activity suggests reduced institutional participation and investor caution ahead of potential earnings revisions in the near term.

Recent market commentary highlighted DoorDash's strategic pivot toward higher-margin delivery services amid shifting consumer behavior. Analysts noted the company's ability to maintain order growth in key markets despite macroeconomic headwinds. However, uncertainty around regulatory scrutiny in its core delivery verticals remains a drag on short-term momentum. No new corporate announcements directly influenced the stock's performance, with trading activity driven primarily by algorithmic rebalancing in passive equity portfolios.

To proceed with a rigorous back-test, two practical details require clarification: (1) Should the stock universe be limited to U.S.-listed common equities across NYSE, NASDAQ, and Amex? (2) For basket construction, should daily rankings be based on dollar volume or share volume? The methodology would involve creating an of the top 500 names, entering positions at the close and exiting at the next-day close. Confirmation of these parameters will enable precise data retrieval and execution of the back-test.