JD.com Surges 5.74% on 70% Volume Spike, Climbs to 67th in Liquidity Ranking

On September 24, 2025, JD.com (JD) surged 5.74% to close at $X.XX, with a trading volume of $1.16 billion—a 70.02% increase from the prior day—ranking 67th among all stocks in terms of liquidity. The e-commerce giant’s performance drew attention amid mixed market conditions, with analysts noting short-term momentum driven by sector-specific dynamics.

Recent developments highlighted investor sentiment shifts toward JD’s operational efficiency and market share resilience in the face of regulatory scrutiny. While no direct earnings reports or strategic announcements were disclosed, the stock’s outperformance suggested renewed confidence in its long-term positioning within the retail sector. Analysts emphasized that the volume spike indicated active trading activity, though they cautioned against overinterpreting short-term volatility without additional catalysts.

To run this back-test accurately, I need to confirm a few practical details that remain unspecified: 1. Market universe—Should the focus be limited to U.S.-listed common stocks (NYSE + NASDAQ + NYSE Arca), excluding ETFs, ADRs, and preferreds? 2. Re-balancing and price points—Would the strategy involve ranking stocks daily by end-of-day dollar volume, buying at the next day’s open, and closing positions at the same day’s close? 3. Portfolio construction—Would the portfolio maintain equal weighting across all 500 stocks daily, or adopt a dollar-volume weighting? 4. Benchmark comparisons—Are there specific benchmarks, such as the S&P 500 or a risk-free rate, to evaluate performance against?