NVDL, SOXL, And Other Chip-Stock Tracking ETFs Are Trading Higher In Premarket Today: Here's Why
Portfolio Pulse from Benzinga Neuro
Chip ETFs are trading higher in premarket due to President Biden's decision to exempt some allies from the new rule on chip exports to China and AMD's strong Q2 results. Key ETFs like NVDL, SOXL, USD, SMH, and SOXX saw significant gains.
July 31, 2024 | 12:15 pm
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POSITIVE IMPACT
GraniteShares 2x Long NVDA Daily ETF (NVDL) saw an 11.78% increase due to Biden's exemption of allies from new chip export rules and AMD's strong Q2 results.
NVDL, which has 100% exposure to Nvidia, benefited from the positive regulatory news and AMD's strong earnings, leading to a significant price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
VanEck Semiconductor ETF (SMH) saw a 4.20% increase due to positive regulatory news and AMD's strong Q2 results.
SMH, an ETF tracking semiconductor stocks, saw a price increase due to the positive impact of regulatory news and AMD's earnings.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Direxion Daily Semiconductor Bull 3X Shares (SOXL) experienced a 10.71% boost due to favorable regulatory news and AMD's strong Q2 results.
SOXL, a leveraged ETF tracking semiconductor stocks, saw a significant increase due to the positive impact of regulatory news and AMD's earnings.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
iShares Semiconductor ETF (SOXX) rose by 3.69% following Biden's regulatory decision and AMD's strong Q2 performance.
SOXX, an ETF focused on semiconductor stocks, benefited from the positive regulatory news and AMD's strong earnings, leading to a price increase.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
ProShares Ultra Semiconductors (USD) rose by 8.73% following Biden's regulatory decision and AMD's strong Q2 performance.
USD, an ETF focused on semiconductor stocks, benefited from the positive regulatory news and AMD's strong earnings, leading to a notable price increase.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80