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Financial Sector Update for 07/06/2020: DFS, HSBC, BRK.A, D, XLF, FAS, FAZ

Financial stocks were climbing premarket Monday as the Select Financial Sector SPDR (XLF) was over 2% higher recently. The Direxion Daily Financial Bull 3X shares (FAS) were gaining over 5% and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down more than 5%.

Discover Financial Services (DFS) was climbing past 4% after saying it intends to support the restaurant industry as it rebounds from the impact of the COVID-19 pandemic by providing a cumulative $5 million to 200 Black-owned restaurants between July 6 and Oct. 31.

HSBC Holdings (HSBC) said it will invest further in its businesses in China after receiving a backlash for supporting the controversial new security law for Hong Kong, London newspaper City AM reported, citing a statement. HSBC was more than 4% higher in recent trading.

Berkshire Hathaway (BRK.A) was unchanged after its subsidiary Berkshire Hathaway Energy said it has signed a definitive agreement to acquire Dominion Energy’s (D) natural gas transmission and storage business, with the deal carrying an enterprise value of about $9.7 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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