Netflix Shares Slump to 21st in U.S. Dollar Volume After 34.5% Drop

On October 3, 2025, Netflix (NFLX) closed at a 0.79% decline with a trading volume of $3.53 billion, representing a 34.53% drop from the previous day's volume. The stock ranked 21st in dollar volume among U.S. equities for the session.

Recent market activity reflected investor caution ahead of key earnings reports from major streaming competitors. Analyst activity remained subdued, with no new price targets issued in the prior week. The company's content slate for Q4 2025 has drawn limited speculative interest, as investors await concrete subscriber growth figures expected in early November.

Technical indicators showed mixed signals, with the 50-day moving average crossing below the 200-day line in a bearish pattern. Options market positioning indicated increased put option activity, suggesting heightened downside protection demand. However, short interest levels have remained relatively stable over the past four weeks.

To run this back-test robustly I need to clarify a couple of practical details that will affect the calculation: 1. Universe definition • "All stocks" can mean NYSE + NASDAQ + AMEX (≈7 000 tickers) or a narrower group (e.g., Russell 3000, S&P 500, etc.) • Computing the top-500 by dollar volume across the full U.S. equity universe each day requires a data set that the current tool chain cannot fetch automatically. We can, however, work with a predefined universe (e.g., the S&P 1500 or Russell 1000) or a user-supplied daily list of tickers. 2. Signal construction • Do you already have a file (or data source) that lists, for every trading day, which 500 tickers rank highest by dollar volume? • If not, are you happy to approximate with one of the following? a) "Top-500 by volume inside the S&P 1500," which I can derive with available tools. b) "Entire S&P 500 each day" (i.e., treat the S&P 500 as the high-liquidity set and back-test a 1-day hold strategy on that fixed universe). 3. Execution assumptions • Buy at today’s close and sell at tomorrow’s close (Close→Close), or buy tomorrow’s open and sell tomorrow’s close (Open→Close)? • Equal-weight portfolio rebalanced daily? (Default if you don’t specify). Once I have your preference on the above, I can build the signal file, run the back-test, and present the results.