08:43 AM EDT, 05/06/2024 (MT Newswires) -- Financial stocks were advancing premarket Monday, with the Financial Select Sector SPDR Fund (XLF) gaining 0.7%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 1.5% higher, while bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) retreated 1.8% recently.

Loews ( L ) shares fell 1% after the company reported Q1 earnings of $2.05 per diluted share, up from $1.61 a year earlier.

Skyward Specialty Insurance ( SKWD ) shares fell 1.7% after the company said that The Westaim Corp. subsidiary Westaim HIIG GP Inc. is offering 4.4 million shares of the company's common stock in an underwritten secondary public offering.

Brookfield Asset Management ( BAM ) and Castlelake said they have signed an agreement in which Brookfield will acquire a 51% stake in Castlelake's fee-related earnings. Brookfield shares were up 0.2% pre-bell Monday.