09:14 AM EDT, 07/03/2024 (MT Newswires) -- Financial stocks were gaining premarket Wednesday, with the Financial Select Sector SPDR Fund ( XLF ) marginally higher.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.1% higher.

First Foundation ( FFWM ) shares were down more than 27% after the company said that affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, and North Reef Capital are investing up to $228 million.

Repay Holdings ( RPAY ) stock was down more than 13% after the company said it priced an offering of $260 million of 2.875% convertible senior notes due 2029.

Futu Holdings ( FUTU ) shares were up over 1% after the company said its wealth management business surpassed $10 billion in assets under management.