Elevance Health Surges 2.95% on $700M Volume Ranks 175th in Market Activity

On October 1, 2025, Elevance Health (ELV) closed with a 2.95% gain, marking its highest single-day performance in recent weeks. The stock’s trading volume reached $0.70 billion, ranking it 175th in overall market activity. Analysts noted the move coincided with a broader rebound in healthcare equities amid shifting regulatory expectations and investor speculation around upcoming earnings reports.

The rise in Elevance’s volume suggests renewed short-term interest from institutional and retail investors. However, the stock’s position within the top 200 most actively traded U.S. equities remains inconsistent, reflecting mixed sentiment about its long-term valuation metrics. Recent sector-wide momentum appears to have overshadowed company-specific fundamentals, with traders pivoting toward defensive positions as macroeconomic uncertainty persists.

To run this back-test rigorously, I need to clarify a couple of practical details: 1. Market universe—Should we use all listed U.S. equities (NYSE + NASDAQ) or a different exchange set? 2. Trade-price convention—Buy at that day’s close and sell at the next day’s close (close-to-close return), or buy at the next day’s open and sell at the next day’s close (open-to-close return)? 3. Re-balancing universe mechanics—Each trading day we re-rank stocks by that day’s dollar trading volume, form an equal-weight portfolio of the top 500, then liquidate the entire basket after one session. Once these are confirmed, I can build the signal file and run the strategy back-test from 2022-01-03 to today.