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Financial stocks slipped in the past five sessions, with a good chunk of the decline on Friday, but not as much as the broader market.
The Financial Select Sector SPDR ETF (NYSEARCA:XLF) stocks dipped 2.2% in the past five sessions, less than the S&P 500’s 3.2% decline during the same period, as investors worried about growth after a weak August jobs report.
Investors turned decidedly risk-off, putting downward pressure on crypto. Bitcoin (BTC-USD) fell ~9.6% since Aug. 29, dipping to $53.5K by late Sept. 6, its lowest point since Aug. 5. That explains why the three biggest decliners of the past week were crypto names.
Meanwhile, the three biggest climbers in the sector were Argentine banks for the second straight week.
CleanSpark (NASDAQ:CLSK) logged the biggest dip, falling 25%. On Tuesday, the bitcoin miner said it mined 478 bitcoin during August, down from 494 in July. Most miners reported lower production sequentially in August.
Coinbase Global (NASDAQ:COIN) stock fell 22%; on Wednesday, its CFO said policy spend will remain elevated through the U.S. presidential election.
Marathon Digital (NASDAQ:MARA) slid 16% during the same week that it announced producing 3% fewer bitcoins in August than in July.
Upstart Holdings (NASDAQ:UPST), the company that runs a AI-powered lending platform for banks and credit unions, fell 20%.
Fintech bank SoFi Technologies (NASDAQ:SOFI) declined 13%.
The list of gainers was topped by Banco Macro (NYSE:BMA), which jumped 11%, Banco BBVA Argentina (NYSE:BBAR), up 10%, and Grupo Financiero Galicia (NASDAQ:GGAL), rising 9.0%, all Argentine banks. J.P. Morgan upgraded all three a week ago Friday on the outlook for loan growth in Argentina.
Business development company Prospect Capital (NASDAQ:PSEC) gained 5.6% during the last five sessions.
And Better Home & Finance (NASDAQ:BETR), which saw the biggest drop in the prior week, regained some ground this week, climbing 5.5%.
