KNX Soars 3.78% on 49.2% Volume Spike Climbs to 447th in Daily Trading Volume Rankings

On October 3, 2025, Knight-Swift (KNX) surged 3.78% with a trading volume of $240 million, a 49.2% increase from the previous day, ranking it 447th in volume among listed stocks. The rise followed a strategic shift in logistics operations and renewed institutional interest in its mid-cap transportation sector positioning.

Analysts noted improved market sentiment driven by the company's recent restructuring efforts to streamline cross-border freight networks. While no official earnings guidance was released, third-party reports highlighted increased short-covering activity and a marginal reduction in put/call ratio imbalances, suggesting cautious optimism among derivative traders.

Portfolio managers emphasized KNX's performance within its peer group, though sector-wide volatility remained constrained by macroeconomic uncertainties. The stock's volume spike outperformed historical averages for similar mid-cap transportation plays, with no material regulatory or operational risks disclosed in recent filings.

To run this back-test rigorously I need two clarifications: First, universe definition – which market should the "top-500 by daily trading volume" be drawn from? For example, all U.S. common stocks on NYSE + NASDAQ, only S&P 500 constituents, all A-shares in mainland China, etc. Second, rebalancing mechanics – on each trading day, should the portfolio be equally-weighted across the 500 selected names, opened at that day’s close and liquidated at the next day’s close? Are trading costs (bid/ask spread, commissions, slippage) to be included? If so, please specify. Once I have these details I can run the back-test and report the performance.