09:19 AM EST, 03/06/2024 (MT Newswires) -- Financial stocks were gaining pre-bell Wednesday, with the Financial Select Sector SPDR Fund ( XLF ) 0.3% higher recently.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.7%, and bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1.2% lower.

SoFi Technologies ( SOFI ) was up more than 2% after it priced a private placement to eligible purchasers of $750 million of 1.25% convertible senior notes due 2029.

Morgan Stanley ( MS ) has started layoffs at its asset management business unit in China, impacting about 9% of the unit's workforce, or about 15 employees, Reuters reported, citing two unnamed sources familiar with the matter. Morgan Stanley ( MS ) was down more than 1% pre-bell.

Brown & Brown ( BRO ) said it has acquired the assets of Hillco Insurance. Brown & Brown ( BRO ) was more than 1% lower in recent premarket activity.