On July 28, Direxion Daily Technology Bull 3X Shares fell 5.27% in pre-market trading, trading at $163.98/share, with turnover of $107,300.

On the news front, earlier quarterly reports from Alphabet and Tesla revealed that surging AI capital expenditures caused rare negative free cash flow at both companies, wiping nearly $800 billion in market capitalization from the Magnificent Seven in a single session. Although the ETF posted a roughly 5.4% technical rebound on July 27, fundamental concerns over AI investment returns remain unresolved. With Amazon, Microsoft, and Meta set to report earnings imminently, investors fear additional negative cash flow signals, pressuring the technology sector anew. The triple leverage amplified the downside volatility.

The fund invests at least 80% of its net assets in financial instruments that provide 3X daily leveraged exposure to the Technology Select Sector Index, including swap agreements, index securities, and ETFs tracking the index. It is non-diversified.

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