Stock Track | SOXS Plunges 5.04% in Pre-market as Semiconductor Stocks Rally

Stock Track05-20 16:07

Direxion Daily Semiconductors Bear 3x Shares (SOXS) experienced a sharp pre-market plunge of 5.04% on Wednesday. As a leveraged inverse ETF, SOXS moves opposite to semiconductor stocks, and its decline indicates a strong rally in the underlying semiconductor sector during the pre-market session.

The drop came as chip and storage shares jumped in premarket trading. The bullish counterpart to SOXS, Direxion Daily Semiconductors Bull 3x Shares (SOXL), was reported to be up over 3%. Other major semiconductor companies including Marvell, Micron, Intel, Analog Devices, and Credo were also up around 2%, with SanDisk, ASML, and AMD gaining over 1%.

When semiconductor stocks rise, inverse ETFs like SOXS that bet against the sector naturally decline. The 3x leverage amplifies these movements, explaining the significant pre-market drop for SOXS as the broader semiconductor sector showed strength in early trading.

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