On July 10, Direxion Daily Semiconductor Bull 3X Shares (SOXL) declined 5.17% in pre-market trading, trading at $183.22/share, with turnover of $67.29 million.

On the news front, the most popular tech trading strategy of buying chip stocks and selling software stocks is showing signs of unwinding. The Philadelphia Semiconductor Index has fallen 12% in July, despite still being up 78% year-to-date after posting its best quarter on record. Meanwhile, after the index surged over 3% in the prior session, profit-taking pressures emerged as funds moved to lock in gains, weighing broadly on the sector.

As a 3X leveraged ETF tracking the Philadelphia Semiconductor Index, SOXL amplifies the underlying index movements, resulting in a magnified decline. The broader semiconductor space saw widespread pre-market weakness, with Intel down nearly 3%, Micron and SanDisk falling over 2%, and AMD, Marvell, and ASML also declining.

The fund invests at least 80% of its net assets in financial instruments that provide 3X daily leveraged exposure to the ICE Semiconductor Index, which tracks the thirty largest U.S. listed semiconductor companies. The fund is non-diversified.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)