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SOXS gains 8% as SOXL drops 8.3% — semiconductor ETFs pull back on May 7 after weeks-long rally
- The Direxion 3x inverse semiconductor ETF (SOXS) rose 8.1% on May 7 on 279 million shares traded, while the 3x bull counterpart (SOXL) fell 8.3% on 70.6 million shares.
- SOXL had closed at US$165.85 on May 6 — a post-April high — before pulling back to US$152.10 on May 7; the SMH semiconductor ETF fell 1.05% on the same session.
- SOXL has still rallied 52% from its April 7 low of US$98.09, so the May 7 pullback reflects profit-taking after a period of sustained gains.
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Conclusion
Daily prices (May 7): SOXS close 10.60 vs open 10.02, pct_chg +8.1%, volume 279,117,421; SOXL close 152.10 vs open 162.12, pct_chg -8.3%, volume 70,626,240; SMH close 540.10, pct_chg -1.05%. SOXL 52w high 165.85 (May 6), 52w low 13.28. Market context (May 7): Semiconductor stocks pulled back after a weeks-long rally as investors took profits following strong earnings and amid uncertainty over U.S.-Iran negotiations.