Meta Platforms, The Liberty SiriusXM Group, World Wrestling Entertainment, Inc. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as after dropping 1.59%, Nasdaq closed at 12,000. S&P 500 slipped 1.04% and closed at 4,136.48.
Why trading volume matters?
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Though trading was down yesterday, some communication_services stocks reached high volumes. Here is an update.
Facebook | 222% higher than rolling average
Though in the midst of a 4 day uptrend, gaining a total of 26.84%, ($41.71), Yesterday's session suggests run might be coming to an end — despite the risk-off mood, Facebook was range-bound between $183.13 to $196.77 and settled at $186.53.
Facebook outpaced its average daily trading volume (34.20 million) with 76 million shares traded yesterday.
Liberty Media A | 218% above rolling average
The current year has not been the best for the US media company as it lost 5.69% from its highest point of $52.46. Currently, the US media company has a market capitalization of $12.16 billion with an average daily trading volume of 606,266 shares.
Liberty Media A had a compelling day yesterday, with 1.32 million shares traded helping the company surpass its average daily volume by 218%.
World Wrestling Entertainment | 121% slightly greater than rolling average
This year has been a bright one for the professional wrestling entertainment company after trading as low as $47.81 and going on to appreciate by 32.94% year to date. The stock has been trending positively for about a month. The professional wrestling entertainment company's market cap currently stands at $6.68 billion with an average daily volume of 1.52 million shares.
Trading volume peaked at 1.84 million shares yesterday, thereby obliterating the daily average of 1.52 million by 121%.
— Average trading volume refers to a 21-day rolling average.