ProShares Ultra Semiconductors is trading 4.2% down today as information technology remains under pressure following a major sector-wide selloff tied to shifting Federal Reserve expectations.
- Strong May jobs data reinforced a higher-for-longer rates narrative, driving a steep rotation out of growth and semiconductor names.
- The Philadelphia Semiconductor Index plunged over 10%, dragging the broader tech complex lower and weighing heavily on leveraged tech-linked products.
- Chip stocks recently saw a historic $1.3 trillion wipeout, marking a significant downturn for the broader semiconductor complex.