Financial stocks rose premarket Tuesday with the Financial Select Sector SPDR Fund (XLF) 0.3% higher recently.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.

HSBC Holdings (HSBC) has laid off about 40 investment bankers in Hong Kong as part of a global restructuring program to reduce costs, Reuters reported, citing unnamed people with knowledge of the matter. HSBC Holdings shares were over 3% higher pre-bell.