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Sector Update: Financial Stocks Lean Lower Premarket Tuesday

MT Newswires Live
May 20

Financial stocks were leaning lower premarket Tuesday, with The Financial Select Sector SPDR Fund (XLF) down 0.2%.

The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.4% higher.

UBS Group (UBS) is expected to lose its initial bid to ease a Swiss proposal requiring higher capital reserves for foreign subsidiaries, Bloomberg News reported, citing sources familiar with the matter. UBS Group shares were down past 3% pre-bell.

Qifu Technology (QFIN) stock was up 1% after the company reported higher Q1 earnings and revenue.

JPMorgan Chase (JPM) said it expects its Q2 investment banking fees to decline around mid-teens year over year. JPMorgan Chase shares were 0.2% lower premarket.

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