On July 1, GraniteShares 2x Long MRVL Daily ETF declined 11.53% in regular trading, trading at $51.785/share, with turnover of approximately $74.68 million.
On the news front, the ETF's underlying stock Marvell Technology extended losses during the session as the broader semiconductor and storage sector came under significant selling pressure. Micron Technology fell over 4%, SanDisk dropped more than 4%, Intel declined over 3%, and NVIDIA slid more than 2%, reflecting systematic sector-wide selling. As a 2x leveraged product, the decline in the underlying stock was amplified and transmitted to the ETF.
Notably, in the prior trading session on June 30, Marvell Technology surged over 5% after UBS significantly raised its target price from $230 to $340, maintaining a Buy rating and citing rapid scaling of the company's CXL chip business. The current pullback appears driven by short-term profit-taking following that rally, compounded by broader semiconductor sector weakness.
(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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