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Financial Sector Update for 01/07/2021: USB, MUFG, ARES, PYPL, XLF, FAS, FAZ

Financial stocks were rallying premarket Thursday with the Select Financial Sector SPDR (XLF) recently climbing past 1%. The Direxion Daily Financial Bull 3X shares (FAS) were more than 3% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down more than 3%.

US Bancorp (USB) was up more than 1% after announcing a deal to acquire the debt servicing and securities custody services client portfolio of MUFG Union Bank (MUFG).

Ares Management (ARES) and Canadian pension fund the Ontario Teachers' Pension Plan Board have agreed to acquire packaging distributor TricorBraun. Financial terms were not disclosed. Ares Management was recently inactive.

PayPal's (PYPL) venture capital arm, PayPal Ventures, along with Coinbase Ventures and Winklevoss Capital, have made new investments on TaxBit, a cryptocurrency tax automation software, according to a news release. PayPal was advancing by more than 1% in recent trading.

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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USB MUFG ARES PYPL XLF

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