Sector Update: Financial Stocks Lean Lower Premarket Tuesday
Financial stocks were leaning lower premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Robinhood Markets (HOOD) shares were down 6% after the company priced a private $2 billion offering of non-interest-bearing senior convertible notes due Oct. 1, 2029.Apollo Global Management's (APO) Apollo Debt Solutions is limiting withdrawal requests at 5% of outstanding shares after investors asked to redeem 16.8%, up from 11.2% in the previous period, the private credit fund said in a shareholder letter. Apollo Global Management stock was down 2.8% premarket.Metropolitan Bank (MCB) shares were up more than 2% after the company authorized a new stock buyback program for up to $50 million of outstanding common shares.
