On June 29, Direxion Daily Semiconductor Bear 3X Shares (SOXS) rose 8.96% in regular trading, trading at $4.50/share, with turnover of $1.101 billion.

On the news front, the semiconductor sector extended its prior correction trend, with bearish sentiment continuing to intensify. The Philadelphia Semiconductor Index had previously posted a single-day decline of nearly 8%, with multiple leading chip stocks falling over 10%, as profit-taking pressure concentrated following a substantial prior rally. On June 26, the Philadelphia Semiconductor Index dropped 5.29%, with ON Semiconductor plunging 23.66% after announcing a $7 billion all-stock acquisition of Synaptics, while Western Digital fell over 13% and Seagate declined over 12%. Factors including elevated Fed hawkish rate hike expectations, AI-driven inflation stickiness, and storage chip shortages continued to weigh on sector risk appetite. As a product that inversely tracks the semiconductor sector index with 3x leverage, the underlying sector decline was amplified through the leveraged structure, driving the product significantly higher.

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