Stock Track | YINN Plunges 12.6% in Pre-Market as Investors Cash Out After China Rally

Stock Track

Oct 04, 2024

The Direxion Daily FTSE China Bull 3X Shares ETF (YINN) plummeted 12.64% in pre-market trading on Wednesday, October 3rd, 2024, as investors took profits following a multi-day surge in Chinese stocks.

YINN, a leveraged ETF that delivers triple the daily returns of the FTSE China 50 Index, had experienced consecutive rallies in recent sessions amid optimism over easing U.S.-China tensions. However, lingering geopolitical and economic uncertainties prompted many traders to cash out on their recent gains.

The sharp sell-off in YINN spilled over to other major Chinese stocks and American Depository Receipts (ADRs). E-commerce giants Alibaba and PDD Holdings saw declines of 1.7% and 3.7% respectively, while video streaming platforms Bilibili and iQiyi each dropped over 4%. Electric vehicle makers XPeng, Baidu, and NIO also fell more than 2% in pre-market trading.

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However, lingering geopolitical and economic uncertainties prompted many traders to cash out on their recent gains.</p>\n\n<p>The sharp sell-off in YINN spilled over to other major Chinese stocks and American Depository Receipts (ADRs). E-commerce giants Alibaba and PDD Holdings saw declines of 1.7% and 3.7% respectively, while video streaming platforms Bilibili and iQiyi each dropped over 4%. Electric vehicle makers XPeng, Baidu, and NIO also fell more than 2% in pre-market trading.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"YINN","symbol_name":"三倍做多富时中国ETF-Direxion","start_time":0,"source_url":"","article_id":"1125234010","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1125234010","pubTimestamp":1727997764,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"The Direxion Daily FTSE China Bull 3X Shares ETF  plummeted 12.64% in pre-market trading on Wednesday, October 3rd, 2024, as investors took profits following a multi-day surge in Chinese stocks.YINN, a leveraged ETF that delivers triple the daily returns of the FTSE China 50 Index, had experienced consecutive rallies in recent sessions amid optimism over easing U.S.-China tensions. 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