First Tumbles to 223rd in Volume After 20.98% Drop Shares Slip 0.86% Amid Market Turmoil
On October 3, 2025, First recorded a trading volume of $0.51 billion, representing a 20.98% decline from the previous day, ranking 223rd in market activity. The stock closed with a 0.86% decline for the session.
Analysts noted that the drop in First's volume and price could be attributed to broader market volatility and sector-specific headwinds. While no direct corporate announcements impacted the stock, macroeconomic factors including shifting interest rate expectations and reduced institutional activity were cited as potential drivers of the underperformance. The stock's position in the mid-cap segment further exposed it to liquidity constraints during the session.
To run this test rigorously, two practical details require confirmation: 1) The market universe—whether to include all primary-listed U.S. common stocks or another specified market. 2) The implementation approach, which involves modeling an equal-weighted "synthetic index" for a 500-stock portfolio. This synthetic index will be calculated daily based on constituents before return statistics are computed. Finalizing the universe (e.g., "all U.S. listed common stocks") is essential to proceed with data collection and calculations.

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