Financial stocks were edging lower in early trading Friday with the Financial Select Sector SPDR Fund (XLF) recently falling by 0.05%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 0.1% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.3%.

Franklin Resources (BEN) reported lower fiscal Q1 adjusted earnings and higher operating revenue. The company's shares were up 0.2%.

Apollo Global Management (APO) said it will invest $500 million in subordinated notes issued by Aldar Properties. The company's shares rose 0.9%.

Piper Sandler (PIPR) shares were up 6.5% after it reported higher Q4 adjusted earnings and net revenue.