🔴 2X Long SanDisk ETF (SNDU) is trading 3.7% down in pre-market as SanDisk declines

SNDU is trading at $13.64 (-3.65%) as its underlying exposure is concentrated in SanDisk derivatives and SanDisk was down 3.68% in Asian trading.

• It is declining despite modestly positive Nasdaq futures, while the broader Philadelphia Semiconductor Index gained 2.56%.
• The weaker July jobs report remains a broader technology tailwind by reducing expectations for a near-term Federal Reserve rate hike.
• That support is outweighed by company-specific weakness and continued volatility in SanDisk-related trading.