Direxion Daily 20 Year Treasury Bull 3 X Shares (TMF)

Shares of Direxion Daily 20-Year Treasury B (TMF) dropped by 6.75% from $4.89 to $4.56 in the trading on Thursday, November 09, 2023. The reason why TMF is down today is due to overall market's performance.

• Treasury Auction and Rising Yields**: TMF's decline was exacerbated by weak demand at an afternoon Treasury auction, which led to higher longer-term yields. TMF is an exchange-traded fund (ETF) that seeks to provide three times the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. As Treasury yields rose, with the 10-year Treasury yield reaching 4.629%, and the 30-year yield also climbing, investors may have shifted their preferences towards bonds, which offer more attractive yields compared to stocks. This increased demand for bonds put downward pressure on TMF and other equities.
• Federal Reserve Comments: TMF's losses accelerated following comments from Federal Reserve Chair Jerome Powell, who stated that the central bank's progress against inflation is not assured. Powell's remarks left the possibility of more interest-rate hikes on the table. Rising interest rates can have a negative impact on stocks, as they make fixed-income investments like bonds more appealing to investors seeking higher returns with reduced risk. Powell's comments further contributed to the bearish sentiment in the market and influenced TMF's decline. In summary, TMF's decline on November 9, 2023, was primarily attributed to the overall weakness in the broader market, particularly the S&P 500's correction territory. Weak demand at a Treasury auction and rising bond yields added to the downward pressure on TMF. Additionally, Federal Reserve comments about inflation and interest rates intensified the losses in the market and influenced TMF's performance.

Shares of Direxion Daily 20-Year Treasury B (TMF) dropped by 6.67% from $2.85 to $2.66 in the trading on Wednesday, October 25, 2023. The reason why TMF is down today is due to the broader market impact.

• Rising Treasury Yields: Benchmark Treasury yields were on the rise, nearing the 5% mark. This increase in yields raised concerns among investors that higher interest rates might persist for an extended period. Robust new home sales data and elevated mortgage rates further fueled worries about prolonged high rates.
• Disappointing Alphabet Earnings: Shares of Alphabet Inc. GOOGL took a hit after the company reported lower-than-expected revenue from its cloud services. This led to concerns about the broader economic outlook. The broader market sell-off and the impact of rising Treasury yields contributed to the decline in TMF shares, which are sensitive to such market dynamics. .

Shares of Direxion Daily 20-Year Treasury B (TMF) dropped by 6.27% from $4.15 to $3.89 in the trading on Thursday, October 19, 2023. The reason why TMF is down today is due to high treasury yields. The factor that impacted TMF's performance was the surge in long-term bond yields. Bond yields reached a 16-year high, adding pressure to stocks that were already affected by various factors, including the ongoing conflict in Gaza and corporate earnings results. The benchmark 10-year U.S. Treasury yield closed just above 4.9%, marking its highest level since July 2007. Elevated bond yields tend to make riskier assets like stocks appear less appealing to investors, as they increase borrowing costs for both companies and households. In summary, TMF's decline on October 19, 2023, was primarily attributed to rising Treasury yields, which further exacerbated the downward pressure on stocks, including those in the biotech sector represented by TMF.