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Financial Sector Update for 07/20/2020: ONB, HSBC, HWC, XLF, FAS, FAZ

Financial stocks were declining pre-bell Monday as the Select Financial Sector SPDR (XLF) was 0.5% lower recently. The Direxion Daily Financial Bull 3X shares (FAS) were 0.7% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.4%.

Hancock Whitney (HWC) was slipping by over 0.05% after saying it has agreed to sell $497 million of energy loans, including reserve-based, midstream and nondrilling service credits, to certain funds and accounts managed by Oaktree Capital Management LP.

HSBC (HSBC), Standard Chartered, and nine other banks have begun closing their branches and curtailing their operations in Hong Kong because of rising COVID-19 infections in the Chinese special administrative region, according to media reports. HSBC was trading fractionally lower recently.

Old National Bancorp (ONB) was flat before markets open. On Monday, the bank posted Q2 adjusted earnings of $0.33 per share, beating analysts' estimates of $0.24 per share.

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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