09:12 AM EDT, 08/12/2024 (MT Newswires) -- Financial stocks rose in Monday premarket activity with the Financial Select Sector SPDR Fund ( XLF ) recently advancing by 0.2%.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.8%, and bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.6% lower.

KeyCorp ( KEY ) shares were up nearly 17% after saying it reached an agreement with The Bank of Nova Scotia ( BNS ) for a strategic minority investment of about $2.8 billion.

B. Riley Financial ( RILY ) shares sank more than 47% after it reported a Q2 preliminary net loss of $14 to $15 per diluted share. The company also suspended its common dividend to "prioritize deleveraging."

Abacus Life ( ABL ) shares advanced more than 7% after it reported higher Q2 adjusted earnings and revenue.