09:19 AM EDT, 05/15/2024 (MT Newswires) -- Financial stocks were edging higher premarket Wednesday, with the Financial Select Sector SPDR Fund ( XLF ) up 0.5% recently.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was up 1.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) declined 1.3%.

New York Community Bancorp ( NYCB/PU ) advanced by more than 3% after saying it has entered into a commitment letter to sell about $5 billion in mortgage warehouse loans to JPMorgan Chase Bank.

Blackstone (BX) was up over 1% after saying its Blackstone Life Sciences unit has launched a clinical-stage drug development company focusing on immunology and inflammation.

Morgan Stanley ( MS ) has entered a deal to buy roughly $700 million of property loans made by Signature Bank from several lenders including Blackstone (BX), Canada Pension Plan Investment Board and Rialto Capital, Bloomberg News reported, citing people familiar with the matter. Morgan Stanley ( MS ) was 0.8% higher pre-bell.