Financial stocks were edging higher pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.9%.
The Direxion Daily Financial Bull 3X Shares (FAS) was 2.4% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 2.5%.
Barclays (BCS) is pulling back on asset-based lending to smaller borrowers following the collapses of Market Financial Solutions and Tricolor Holdings, Bloomberg reported, citing people with knowledge of the matter. Shares of Barclays were up more than 3% premarket.
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