08:56 AM EDT, 05/16/2025 (MT Newswires) -- Financial stocks were edging higher pre-bell Friday, with The Financial Select Sector SPDR Fund (XLF) up 0.1%.

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

HSBC Holdings ( HSBC ) is forming a new Capital Markets and Advisory group by merging its global financing and investment banking operations under a unified structure, Bloomberg News reported. Shares of HSBC Holdings ( HSBC ) were down 0.5% premarket.