Financial stocks were advancing pre-bell Thursday, with The Financial Select Sector SPDR Fund (XLF) 0.6% higher.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.7% lower.

SouthState (SSB) shares were up over 4% after the company said it closed the acquisition of Independent Bank Group (IBTX) on Jan. 1.

Morgan Stanley (MS) is leaving the Net-Zero Banking Alliance, Bloomberg reported, citing a company email. Morgan Stanley shares were up 0.5% premarket.

Arrow Financial (AROW) shares were 0.8% lower after the company said its subsidiary, Glens Falls National Bank and Trust, has combined with its affiliate bank, Saratoga National Bank and Trust, and the resulting bank has legally changed its name to Arrow Bank National Association.