DraftKings Plunges 7.13% on $1.04B Volume, Ranks 121st in U.S. Trading

On October 10, 2025, DraftKings (DKNG) closed down 7.13% with a trading volume of $1.04 billion, ranking 121st in total volume among U.S.-listed stocks. The decline occurred amid mixed market conditions and sector-specific pressures affecting online gaming and betting platforms.

Recent developments highlighted regulatory scrutiny as a key factor influencing investor sentiment. A report from [removed] noted ongoing investigations into state-level sports betting compliance frameworks, which have heightened risk perceptions for operators like DraftKings. Analysts observed that the stock's volatility reflects broader uncertainty about regulatory timelines and potential operational adjustments.

Technical indicators showed bearish momentum, with the stock breaking below key support levels established over the past quarter. Short-term traders cited declining volume-to-price divergence patterns as a cautionary signal. However, long-term holders emphasized the company's recent partnership with regional sports leagues as a growth catalyst, though near-term execution risks remain unaddressed.

To run this back-test accurately I need to pin down a few practical details: Market universe – do you want to screen all U.S.-listed common stocks (NYSE + NASDAQ + Arca), or a different universe (e.g., only the S&P 500, only large-caps, a specific country, etc.)? Price points – should we: • buy at that day’s close and sell at the next day’s close, or • buy at the next day’s open and sell at the next day’s close? Transaction costs – should we assume zero costs, or include a commission/slippage estimate? Re-balancing frequency – confirm that the portfolio is reconstituted every trading day (i.e., each day we liquidate yesterday’s basket and buy the new top-500 by volume)? Data source preference – if you have one (e.g., CRSP, Yahoo, etc.), let me know; otherwise I’ll pull from our default U.S. daily database. Once these items are set I can construct the daily volume rankings, generate the 1-day-hold signals, and run the portfolio back-test from 2022-01-03 (first trading day of 2022) through today.