Direxion Daily Semiconductors Bear 3x Shares (SOXS) surged 5.62% during Monday's intraday trading session. The leveraged exchange-traded fund, which aims to deliver three times the inverse daily performance of the PHLX Semiconductor Sector Index, rallied as its underlying semiconductor stocks faced significant selling pressure.
The sharp move higher for the bearish ETF was triggered by a broad decline across the semiconductor sector. Multiple major chip stocks recorded substantial losses during the session, creating ideal conditions for the inverse fund's gains.
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