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This week’s top five biggest winners among financial stocks included three bitcoin (BTC-USD) miners, one cryptocurrency exchange, and one asset manager. Conversely, two U.S. regional banks, two Latin American banks, and one German lender experienced the most substantial decline.
Financial stocks (with a market cap over $2B) barely eked out relatively small gains for the week ended Feb. 9. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) gained 0.3%, compared with the S&P 500’s 1.4% ascent.
During the past week, bitcoin (BTC-USD) surged by double digits, propelling CleanSpark (NASDAQ:CLSK) and Marathon Digital (NASDAQ:MARA) to the forefront of gainers, jumping 68.5% and 31.3%, respectively. CLSK also received a significant boost after surpassing Wall Street estimates with its fiscal Q1 earnings and revenue, attributed to a surge in bitcoin mining revenue.
Coinbase Global (NASDAQ:COIN), a high-beta version of bitcoin (BTC-USD), advanced 9.9%, while
Blue Owl Capital (NYSE:OWL), which posted better-than-expected Q4 earnings during the week, also climbed 9.9%.
Among the losers, New York Community Bancorp (NYSE:NYCB) took the lead, dropping 18.9% amidst fallout from its surprise Q4 loss last week. A multitude of events transpired throughout the week, including numerous analyst downgrades and shedding residential mortgage-related risk.
Following closely, Argentine lender Grupo Financiero Galicia (NASDAQ:GGAL) retreated 13.2%;
Brazil-based Banco Bradesco S.A. (NYSE:BBD), which delivered Q4 results during the week, slid 12.2%;
Germany’s Deutsche Bank (NYSE:DB) fell 9.3%; and
Valley National Bancorp (NASDAQ:VLY) rounded out the five biggest decliners with an 8.5% loss.
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