On September 4, MicroSectors Gold Miners 3x Leveraged ETN declined 9.44% in regular trading, trading at approximately $159.01 per share, with turnover of $144 million.
On the news front, the U.S. August non-farm payrolls report was released, representing the final major employment data ahead of the Federal Reserve's September rate decision. After the data landed, gold prices came under renewed pressure, retreating to around $4,384 per ounce with a 24-hour decline of 1.8%. The product's triple-leveraged structure amplified the underlying gold miners' losses, triggering a sharp intraday selloff.
In the prior two trading sessions, the product had rallied over 18% cumulatively after the ADP employment report surprised to the downside and Fed Governor Waller delivered dovish remarks, which had pushed gold prices up over $200 from a low of $4,282 and pulled the September rate hike probability from 66% back to 50%. The non-farm data release prompted a reassessment of rate expectations, causing the product to give back a significant portion of those gains.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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