Workday Surges 1.61% on Institutional Cloud Tech Bets Climbs into Top 100 by Volume

On September 26, 2025, Workday (WDAY) surged 1.61% to close at $... with a trading volume of $0.85 billion, ranking 94th in market activity. The stock’s performance drew attention as investors navigated broader market volatility amid shifting sector dynamics.

Analysts noted that Workday’s gains were driven by renewed institutional interest in cloud-based enterprise software providers. While macroeconomic concerns persisted, the stock benefited from selective buying in technology names showing relative resilience. The volume profile suggested a mix of long-term holders and tactical traders entering positions ahead of potential earnings catalysts.

To run this back-test accurately I need a couple of quick clarifications: 1. Stock universe • Do you want to scan all U.S. listed common stocks, or confine the universe to a well-defined set such as the S&P 500 constituents? • If the former, please confirm you’re comfortable with a very broad universe (≈4,000 tickers) and the associated data load. 2. Portfolio construction • Equal-weight the 500 names selected each day, or weight by something else (e.g., volume, market-cap)? • Enter at the same day’s close and exit at next day’s close (T+1), or a different convention (e.g., enter at next day’s open)? 3. Trading frictions • Should we ignore transaction costs and slippage, or apply a standard assumption (e.g., 5 bps round-trip)? Once I have these details I can generate the data-retrieval plan and run the back-test.