09:17 AM EDT, 10/04/2024 (MT Newswires) -- Financial stocks advanced in Friday's premarket hours, with The Financial Select Sector SPDR Fund ( XLF ) nearly 1% higher.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was up 2.8% and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 2.6% lower.

Apollo Global Management ( APO ) is discussing a potential acquisition of Barnes Group ( B ) in a deal that is likely to value the latter at over $45 per share, Reuters reported, citing unnamed people familiar with the matter. Apollo Global Management ( APO ) shares were up nearly 2% pre-bell.

PennyMac Financial Services ( PFSI ) said William Chang is stepping down as senior managing director and chief capital markets officer to "pursue other interests in the mortgage banking industry." PennyMac Financial Services ( PFSI ) shares were over 1% higher premarket.

Beneficient (BENF) shares were up past 80% after the company said its subsidiary Beneficient Company Holdings consummated a transaction to convert $126 million of its preferred equity into permanent equity, which is expected to reflect on its balance sheet as of Sept. 30.