On July 2, Direxion Daily Semiconductor Bear 3X Shares (SOXS) rose 8.03% in regular trading, trading at $4.18/share, with turnover of $1.477 billion.
On the news front, the Philadelphia Semiconductor Index plunged 6.27% overnight, with AI hardware stocks falling broadly. Meta's announcement of open AI computing power leasing triggered concentrated profit-taking across the global tech growth sector, releasing accumulated selling pressure in the semiconductor space. Multiple leading chip stocks dropped over 10%, while China's STAR 50 Index fell 7.7% in sympathy, with domestic semiconductor leaders hitting daily limit-down.
Morgan Stanley strategist Wilson had previously warned that semiconductor price momentum was approaching historical extremes, comparing the trajectory to silver's prior peak, and projecting the sector would top out. The broad-based semiconductor selloff, amplified through the fund's triple-leverage inverse structure, drove the product significantly higher.
The fund invests at least 80% of net assets in financial instruments that provide 3X daily inverse exposure to a rules-based, modified float-adjusted market capitalization-weighted index tracking the thirty largest U.S. listed semiconductor companies. The fund is non-diversified.
(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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