Direxion Daily Semiconductors Bull 3x Shares (SOXL) is soaring 5.06% in pre-market trading on Monday, as the semiconductor sector extends its recent rally. This leveraged ETF, which aims to provide 3x the daily performance of the ICE Semiconductor Index, is benefiting from broad strength across chip stocks.

The upward momentum in the semiconductor industry is evident, with several key players posting significant gains. Advanced Micro Devices (AMD) and Super Micro Computer are also up more than 4%, while ASML Holdings has risen 3%. Other notable performers include Marvell Technology and Texas Instruments, both advancing more than 2%. This widespread rally in chip stocks is driving SOXL's amplified performance.

Contributing to the positive sentiment in the sector is a recent trade development between the United States and the European Union. On Sunday, the two parties reached a framework trade agreement that imposes a 15% import tariff on most EU goods, half the previously threatened rate. This deal, averting a potentially larger trade war between these major economic allies, could have positive implications for the global semiconductor industry, which relies heavily on international trade and cooperation.