Microsoft shares led declines in the technology sector on November 27, 2024, as investors shifted towards safer assets ahead of the U.S. Thanksgiving holiday and month-end. The broader market saw a pullback, with the S&P 500 and Nasdaq Composite both falling, snapping a seven-day winning streak. This retreat was influenced by a mix of earnings reports and economic data that met expectations but failed to inspire further gains. Notably, the "Magnificent Seven" megacaps, including Microsoft, experienced a nearly 1% drop, contributing to the overall market downturn. The decline in Microsoft shares was part of a broader trend where large-cap tech stocks, such as Nvidia and Tesla, also saw losses.
The GraniteShares 2x Long MSFT Daily ETF (MSFL) closed at $23.68, marking a 2.43% decrease for the day, with an additional 0.72% decline after market hours, bringing the current price to $23.51.