Direxion Daily Semiconductors Bear 3x Shares (SOXS) fell sharply by 6.14% in pre-market trading, mirroring a strong rally in semiconductor stocks. SOXS is an inverse ETF designed to move opposite to semiconductor stocks, so its decline reflects bullish sentiment in the sector.
The drop follows a surge in semiconductor stocks, including SOXL (Direxion Daily Semiconductors Bull 3x Shares), which gained nearly 6% in pre-market trading. Other major semiconductor players like Applied Materials and ASML rose over 5%, while TSMC advanced 4% after reporting record quarterly profits. The rally in the sector has pressured bearish ETFs like SOXS, leading to its significant pre-market decline.
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