Stock Track | SOXL Plunges 5.00% in Pre-market as Chip and Storage Shares Extend Overnight Declines

Stock Track

Aug 06

Direxion Daily Semiconductors Bull 3x Shares (SOXL) tumbled 5.00% in pre-market trading on Thursday, mirroring a broad-based sell-off in the semiconductor and storage sectors.

The decline followed a weak overnight session for chip-related stocks, with Western Digital dropping 12%, SanDisk falling over 8%, and SK Hynix sliding more than 4%. Micron and UMC also retreated around 3%, underscoring the widespread pressure on the sector. SOXL, as a leveraged ETF designed to deliver three times the daily performance of the ICE Semiconductor Index, magnified these losses.

The persistent weakness in memory and chip names has weighed on investor sentiment, with traders bracing for further volatility after the recent sector rotation away from high-growth technology stocks.

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Micron and UMC also retreated around 3%, underscoring the widespread pressure on the sector. 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