09:16 AM EDT, 05/02/2024 (MT Newswires) -- Financial stocks were advancing premarket Thursday with the Financial Select Sector SPDR Fund ( XLF ) up 0.6% recently.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was 1.8% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was down 1.7%.

Ares Management ( ARES ) declined by nearly 2% after it reported lower Q1 earnings and revenue.

Chubb ( CB ) is preparing to pay the full insurance payout of $350 million to the US state of Maryland to cover the costs of the collapsed Francis Scott Key Bridge in Baltimore, the Wall Street Journal reported, citing the bridge's insurance broker, WTW (WTW). Chubb ( CB ) was down 0.8% pre-bell.

Allstate ( ALL ) was up past 3% after reporting that it swung to Q1 adjusted earnings as revenue increased during the period.