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This past week’s winners among financial stocks were led by two bitcoin (BTC-USD) miners, while the two biggest losers featured a regional bank and insurance broker.
Overall, financial stocks (with market cap over $2B) ended the holiday-shortened week in the red, but outpaced the broader stock market. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) edged down 0.4%, while the S&P 500 retreated 1.2%.
Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) climbed 32.8% and 13.4%, respectively, even after posting unimpressive bitcoin (BTC-USD) production numbers for June as well as the price of bitcoin slipping 1.4% over the past five sessions;
Life and health insurer Genworth Financial (NYSE:GNW) made it to the third slot, advancing 12.5%;
Coinbase Global (NASDAQ:COIN), the U.S.’s largest crypto exchange by trading volume, perked up 8.7% as a number of well-known asset managers refiled their spot bitcoin (BTC-USD) ETF applications to include the company as a surveillance partner; and
Futu Holdings (NASDAQ:FUTU), a Hong Kong-based online brokerage, rose 6.8%.
Community Bank System, a regional lender based in Dewitt, New York, fell the most among financial stocks with an 8.7% slump for the week;
BRP Group (NASDAQ:BRP), which sells insurance products and services, slid 8.6%;
Wholesale mortgage company UWM Holdings (NYSE:UWMC) dipped 8.5%;
SoFi Technologies (NASDAQ:SOFI), known for refinancing student debt, fell 7.6%, even on the heels of the Supreme Court striking down the Biden administration’s student loan forgiveness plan; and
Investment manager Federated Hermes (NYSE:FHI) decreased 6.1%.
Dan Victor, Investing Group Leader of ‘Conviction Dossier,’ last week laid out a Buy recommendation for RIOT, as the company’s hash rate capacity is poised to nearly double by next year.
