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Financial stocks have fallen over the past five sessions, with much of that decline coming on Friday, though not as much as the broader market.
The SPDR Financial Select Sector ETF (NYSERCA:XLF) actions fell by 2.2% in the past Five sessions, less than the S&P 500 3.2% decline During the same period, investors worried about growth after a Weak August employment report.
Investors were decidedly risk averse, putting downward pressure on cryptocurrencies. Bitcoin (BTC-USD) fell ~9.6% since August 29, falling to $53.5K by the end of September 6, its lowest point since August 5. That explains why the three cryptocurrency names that fell the most last week were cryptocurrencies.
Meanwhile, the three biggest gainers in the sector were Argentine banks for the second consecutive week.
Clean spark (NASDAQ:CLSK) recorded the largest drop, falling by 25%On Tuesday, the bitcoin mining firm said it mined 478 bitcoins during August, down from July, when it mined 494. Most mining firms reported lower production in August.
Coinbase Global (NASDAQ:COIN) stock fell by 22%; On Wednesday, its chief financial officer said political spending would remain elevated until the U.S. presidential election.
Digital Marathon (NASDAQ:MARA) slipped 16% during the same week it announced it would produce 3% fewer bitcoins in August than in July.
Upstart Holdings Companies (NASDAQ:UPST), the company that runs an AI-powered lending platform for banks and credit unions, fell by 20%.
Fintech bank SoFi Technologies (NASDAQ: SOFI) decreased by 13%.
The list of winners was headed by Banco Macro (New York Stock Exchange:BMA), which jumped 11%BBVA Argentina Bank (NYSE:BBAR), up to 10%and Galicia Financial Group (NASDAQ:GGAL), increasing by 9.0%all Argentine banks. JP Morgan upgraded the rating of all three last Friday due to the outlook for credit growth in Argentina.
Prospect Capital Business Development Company (NASDAQ:PSEC) Gained 5.6% during the last five sessions.
And Better Home & Finance (NASDAQ:BETR), which had suffered the biggest drop the previous week, regained some ground this week and rose 5.5%.