The Direxion Daily Semiconductors Bear 3x Shares (SOXS), an inverse exchange-traded fund (ETF) that seeks to deliver three times the inverse daily performance of the semiconductor sector, plummeted by 5.85% on November 1st, 2024, as the broader semiconductor industry faced significant selling pressure.
The semiconductor sector, represented by the iShares Semiconductor ETF (SOXX), fell sharply during the week, with the news article citing a 4% decline for the semiconductor index. This drop was fueled by disappointing forecasts from major chip makers like Advanced Micro Devices (AMD) and Qorvo (QRVO), which raised concerns about future demand and growth prospects in the industry.
Additionally, the article mentions that technology stocks, including semiconductor companies, were among the hardest hit during the week, with the tech sector losing 3.3%. This bearish sentiment towards technology and semiconductor stocks likely contributed to the inverse performance of the SOXS ETF, which aims to profit from declines in the semiconductor sector.
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