Sector Update: Financial Stocks Decline Pre-Bell Wednesday

MT newswire2026/10/07 13:24

09:24 AM EDT, 10/07/2026 (MT Newswires) -- Financial stocks were declining pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.5% lower. The Direxion Daily Financial Bull 3X Shares (FAS) was down 1.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.7% higher. HSBC (HSBC) is considering sweeping job cuts in its UK wealth management business as part of a drive toward AI-powered services, the Financial Times reported, citing people familiar with the plans. Shares of HSBC were down more than 3% premarket. Third Coast Bancshares (TCBX) signed a definitive deal to acquire Great Plains Bancshares in an all-stock transaction valued at about $239.6 million, the companies said. Third Coast Bancshares stock was up more than 2% pre-bell. Blue Owl (OWL) plans to expand its insurance business to gain more long-term capital for new investments, Co-Chief Executive Doug Ostrover said at a Financial Times and Latham & Watkins conference in London, the Financial Times reported. Blue Owl Capital stock was down more than 1% premarket.

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