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Two crypto-exposed stocks and three lending companies topped this week’s best-performing financial stocks. On Thursday, a judge’s ruling on the trading of crypto assets lifted the crypto sector overall.
For the week, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) rose just under 2%, underperforming the S&P 500’s 2.4% growth. With banks starting to report Q2 earnings on Friday, the Nasdaq KBW Bank Index (BKX) also gained just under 2%.
Cryptocurrency exchange Coinbase Global (NASDAQ:COIN), bounding 34%, led financial stocks with a market cap of at least $2B for the week ended July 14. On Thursday, a U.S. district court judge ruled that trading of XRP (XRP-USD) in the secondary market by individual investors didn’t qualify as security.
Some consumer lending-focused companies also climbed as consumer inflation numbers continued to cool. Upstart Holdings (NASDAQ:UPST), which offers a loan platform for banks, gained 29%. In the same week, Arbor Financial Credit Union signed onto its platform.
Bitcoin miner Riot Platoforms (NASDAQ:RIOT) jumped 24% in a week when bitcoin (BTC-USD) gained 3.9%.
Online lender Rocket Companies (NYSE:RKT), known for Rocket Mortgages, increased 18% and wholesale mortgage lender UWM Holdings (NYSE:UWMC) gained 17% for the week.
A large trust bank that posted weaker-than-expected Q2 revenue and insurers led the financial stocks that dropped the most.
Progressive (NYSE:PGR) stock slid 11% for the week after the property & casualty insurer posted lower-than-expected Q2 earnings and rising combined ratio. Subsequently, Wells Fargo downgraded the stock to Equal Weight from Overweight.
Trust bank State Street (NYSE:STT) dipped 7.8% for the week after Q2 revenue disappointed as net interest fell during the quarter.
Progressive peer Allstate (NYSE:ALL) fell 6.6% during the week, and insurer Kemper (NYSE:KMPR) dropped 5.5%.
Rounding out the five biggest decliners of the week is Banco BBVA Argentina (NYSE:BBAR), which declined 5.2%.
