Expedia's 1.21% Slide and $340M Volume Rank 337th in U.S. Equities as Strategic and Regulatory Pressures Mount

On September 25, 2025, Expedia (EXPE) closed with a 1.21% decline, trading a volume of $340 million, ranking 337th among U.S. equities. The stock’s performance was influenced by mixed market sentiment ahead of its upcoming quarterly earnings report, with analysts noting heightened volatility in travel sector stocks due to shifting consumer demand patterns. Recent regulatory scrutiny over pricing algorithms in the online travel booking space also weighed on investor confidence, though no new enforcement actions were announced during the period.

Strategic adjustments within Expedia’s core business, including a reevaluation of its loyalty program structure and potential cost-cutting measures, contributed to short-term uncertainty. While the company has previously demonstrated resilience through macroeconomic cycles, traders appeared cautious as liquidity in the travel tech sector remained constrained. No material news emerged from direct competitors during the reporting window, narrowing the focus to Expedia-specific operational updates.

To run this back-test we need to build, every trading day, a list of the 500 U.S. stocks that traded the highest share volume, then calculate the next-day return of an equal-weighted portfolio of those names. A couple of practical details have to be confirmed before we launch the data download: Trading universe—default I can use the whole Russell 3000 (≈3,000 U.S. common stocks). Execution convention—ranking is done with each day’s closing-bell volume. Positions are opened at the next day’s open and closed at that day’s close (1-day hold). Equal-weight across the 500 names. Back-test period—Jan 3, 2022 (first trading day of 2022) to the latest available date (today’s close). Please confirm (or adjust) the universe choice and the execution assumptions so I can fetch the volume data and run the strategy.