Torsten Asmus
Financial stocks that fell the most this week included two fintech companies and three crypto-linked firms, while the five biggest winners featured one Colombian lender, two asset managers and two insurers.
In all, financial stocks (with $2B+ market cap) rose for holiday-shortened week ended Jan. 5, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) edging up 0.7%, outpacing the S&P 500’s 1% decrease.
AI-powered loan platform Upstart Holdings (NASDAQ:UPST) fell the most of any financial stock this past week, dropping 24.7%, as borrowing costs rose on the back of stronger-than-expected jobs data;
SoFi Technologies (NASDAQ:SOFI), which during the week got cut to Underperform at KBW given its premium valuation, retreated 20%;
Crypto exchange Coinbase Global (NASDAQ:COIN) slid 17.4% despite bitcoin’s (BTC-USD) ascent; and
Bitcoin miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings (NASDAQ:MARA) rounded out the five biggest decliners, falling 15.7% and 14.2%, respectively.
On the winning side, Bancolombia S.A. (NYSE:CIB) took the lead for the week, jumping 10.7%;
Lazard (NYSE:LAZ) climbed 8.5% after the asset management firm got upgraded at Citi;
Insurance giant Allstate (NYSE:ALL) gained 7.3% after Morgan Stanley upgraded the stock to Overweight on the view that the market backdrop will turn more favorable;
Kinsale Capital Group (NYSE:KNSL), another insurer, perked up 7%; and
Corebridge Financial (NYSE:CRBG) accelerated 6.7%.
