While the large stock indices finished the week with a decent rise, financial stocks, for the most part, found themselves trying to eek 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%. More on Ally Financial, JPMorgan Chase JPMorgan Chase Stock: The Tough Get Going Ally Financial Tumbles: Investors Should Adjust Their Near-Term Expectations JPMorgan Chase & Co. (JPM) Barclays Global Financial Services Conference 2024 (Transcript) Most and least shorted S&P 500 financial stocks in August Bank stocks extend decline as CPI data reduce chances of jumbo Fed rate cut
Seeking Alpha
You can visit the page to read the article.
Source: Seeking Alpha
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Swiss SIX stock exchange explores setting up crypto arm in Europe
The Swiss stock exchange is considering launching a crypto trading platform in Europe, aiming to attract traditional investors by leveraging Switzerland’s crypto-friendly laws. The Swiss stock exchange operator, SIX Group, is considering establishing a new platform in Europe for crypto… Seeking Alpha
Arthur Hayes Predicts Bitcoin’s Decline After First Fed Rate Cut
Arthur Hayes recently made headlines with his statements regarding the Fed, cryptocurrencies, and central banks. He predicts a significant drop in the value of cryptocurrencies, particularly Bitcoin, following the first Seeking Alpha