Direxion Daily Semiconductors Bull 3x Shares (SOXL) experienced a 24h plunge of 6.86% during Thursday's night session, according to movement data.
The decline represents a sharp reversal from the previous session's strong gains, with traders engaging in profit-taking after the leveraged semiconductor ETF surged over 10% in the prior trading period. The earlier rally was fueled by blockbuster earnings from memory chip giant Micron Technology, which reported tripled revenue and a nearly 14-fold increase in net income, alongside a major $22 billion memory chip order announcement.
As a triple-leveraged product tracking the Philadelphia Semiconductor Index, SOXL amplified the underlying semiconductor sector's pullback, with Asian trading seeing widespread declines across chip stocks following the sharp prior-day advances.