09:12 AM EDT, 04/10/2024 (MT Newswires) -- Financial stocks were leaning lower pre-bell Wednesday, with the Financial Select Sector SPDR Fund ( XLF ) declining by 1.3% recently.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was down 3.7%, and bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 3.6% higher.

UBS (UBS) is facing much higher regulatory capital requirements under reforms recommended by the Swiss government in the wake of the collapse of Credit Suisse, Bloomberg reported. UBS was declining by more than 4% in recent premarket activity.

Franklin Resources ( BEN ) reported preliminary assets under management of about $1.645 trillion at the end of March, up from $1.622 trillion at the end of February. Franklin Resources ( BEN ) was over 2% lower pre-bell.

Great Elm Capital ( GECC ) was up more than 1% after it priced a $30 million offering of 8.50% notes due 2029.