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Sector Update: Financial Stocks Advance Premarket Tuesday

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Financial stocks were advancing premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.4% 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 0.9% lower.

Robinhood Markets (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Shares of Robinhood Markets were up more than 2% pre-bell.

JPMorgan Chase (JPM) aims to have its retail digital bank operating in at least five European countries within the next five years, the Financial Times reported, citing people familiar with the matter. JPMorgan Chase shares were up 0.8% premarket.

Blackrock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported, citing people familiar with the matter. Blackrock stock was 0.2% higher premarket.

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