The Direxion Daily S&P 500 Bear 3X ETF (SPXS) saw upward movement as the S&P 500 faced pressure from declining technology stocks and persistent inflation concerns. On November 27, 2024, the S&P 500 fell 0.54%, driven by a 1.1% decline in the Information Technology sector. Major tech companies like Nvidia and Microsoft experienced notable losses, with Nvidia dropping 2.5% and Microsoft 0.6%. These declines were exacerbated by weak earnings guidance from Dell and HP, which plunged over 10%. Inflation data released on the same day showed the personal consumption expenditures index rising to 2.3% in October, maintaining pressure on the Federal Reserve's interest rate decisions. The market's reaction to these developments, alongside a slip in Treasury yields, contributed to the bearish sentiment impacting the S&P 500.
The SPXS ETF closed at $5.95, marking a 1.19% increase for the day, with a slight decline of 0.17% in after-hours trading.