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Sector Update: Financial Stocks Advance Premarket Friday

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Financial stocks were advancing premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.3% higher.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1% lower.

American Express (AXP) reported higher Q2 earnings and net revenue, with net revenue missing analysts' expectations. American Express stock was down more than 4% pre-bell.

HSBC Holdings (HSBC) agreed to sell its HSBC Life (Singapore) insurance business to Allianz Asia Holdings for 2.70 billion Singaporean dollars ($2.09 billion). Shares of HSBC Holdings were up more than 1% premarket.

Safety Insurance (SAFT) stock was up more than 41% after the company said it has entered an agreement to be acquired by an affiliate of Mapfre in a $1.54 billion all-cash deal.

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