Spotify Surges 3.81% on $1.85 Billion Volume, Climbs to 49th in Market Activity Amid ESG Momentum

On September 18, 2025, , .

Recent developments highlight Spotify’s strategic focus on climate goals, aligning with broader ESG (Environmental, Social, and Governance) trends in the tech sector. A May 1, 2025, report noted the company’s Q1 gains and ambitious sustainability targets, indicating growing investor interest in its long-term environmental commitments. While no direct earnings or user growth data was disclosed, the stock’s performance suggests market optimism around its operational and climate-related progress.

To build an accurate back-test we need to generate a daily list of the 500 stocks with the highest trading volume, then price those baskets from the next day’s open (or close) and exit after one trading day. Doing this properly requires: 1. Universe definition – e.g. “all primary-listed US common stocks” (≈4,500 tickers) or a narrower list such as the . 2. Price-and-volume data for every stock in that universe from 2022-01-03 to 2025-09-18. 3. A rule for the execution price: • Buy at today’s close → sell at tomorrow’s close, or • Buy at tomorrow’s open → sell at tomorrow’s close. 4. Slippage / transaction-cost assumptions (commissions, bid-ask spread) – even 1 bp per side materially affects a strategy that trades the entire universe every day.