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The financial stocks that fell the most this week included three fintech firms and two lenders. The winners, meanwhile, featured one cryptocurrency exchange, two regional banks, one P&C insurer and one investment bank.
Overall, financial stocks (with market cap over $2B) closed out the holiday-shortened week ended June 23 in the red, with the Financial Select Sector SPDR Fund ETF (NYSEARCA:XLF) sliding 2.5%, outpacing the S&P 500’s 1.4% retreat.
The biggest decliners were led by online lender Upstart Holdings (NASDAQ:UPST), dropping 20.1%, as technical indicators signaled that the stock was overextended and due to backtrack after its recent rally;
Chinese financial services platform Lufax Holding (NYSE:LU) shed 18.5%;
Glacier Bancorp (NYSE:GBCI), a regional lender headquartered in Kalispell, Montana, fell 15.2%;
SoFi Technologies (NASDAQ:SOFI), known for refinancing student loans, suffered a 13.3% slump after Compass Point initiated coverage of the stock at Sell; and
NatWest Group (NYSE:NWG) slid 12.1% during the week that it and fellow U.K. lender HSBC Group (HSBC) funded a $125M refinancing deal for gift-packaging manufacturer IG Design Group.
On the positive front, Coinbase (NASDAQ:COIN) took the lead among financial gainers, climbing 13.3%, after the Supreme Court sided with the crypto exchange in a ruling that litigation must be put on hold if a defendant starts an appeal that would direct the case to arbitration; in addition, bitcoin (BTC-USD) drove up to a new one-year high.
Banco BBVA Argentina S.A. (NYSE:BBAR) took the second slot, advancing 9.5%;
Property and casualty insurer Kemper (NYSE:KMPR) ascended 8.9%;
Banco Macro S.A. (NYSE:BMA), another Argentine bank, rose 8.6%; and
Brazilian investment bank XP (NASDAQ:XP) gained 7.3% after getting upgraded to Buy from Neutral at BofA.
SA analyst Que Capital, rating Coinbase (COIN) as a Hold, said the company’s valuation has become relatively attractive, though “I would caution investors about the inherent risks.”