[ad_1]
While the large stock indices finished the week with a decent rise, financial stocks, for the most part, found themselves trying to eke out a gain in the past five sessions.
The Financial Select Sector SPDR ETF (NYSEARCA:XLF) rose ~0.3% in the past five sessions, less than the S&P 500’s 4% rise over the same period, helped by inflation data that is boosting hopes of a Federal Reserve interest rate cut on Sept. 18. The week of Sept. 9 was actually the best week of the year for the index.
Crypto investors had much to cheer about, especially considering the nearly 10% decline Bitcoin (BTC-USD) had the week of Aug. 25. For the week of Sept. 9, Bitcoin rose ~8.4%.
Bitcoin miners were among the best performing financial stocks of the week, led by MARA Holdings (MARA) with a ~20.6% return. CleanSpark (CLSK), Riot Platforms (RIOT), and Coinbase Global (COIN) also did well, returning, respectively, ~16%, ~12.9%, and ~10.7%.
Robinhood Markets (HOOD) and private equity firm TPG (TPG) also had a strong week, with returns of, respectively, ~16.5% and ~15.8%.
The biggest decliner of the week was Ally Financial (NYSE:ALLY), losing ~17%. The stock tumbled ~18% on Sept. 10 after company CFO Russ Hutchinson said it was seeing worsening credit conditions among the auto lender’s borrowers.
Bread Financial Holdings, (BFH) which engages in lending solutions, was the second worst performer, shedding ~13.4%. It, too, was hit hard on Sept. 10, perhaps a casualty of Hutchinson’s comments.
Automobile insurer Mercury General Corp (MCY) and JPMorgan Chase (NYSE:JPM) rounded out the bottom four performers, losing, respectively, ~5.8% and ~3.8%.
[ad_2]