SOFI - Bitcoin miners Riot Platforms Marathon Digital lead week's financial gainers

2023-07-08 10:06:00 ET

This past week's winners among financial stocks were led by two bitcoin ( BTC-USD ) miners, while the two biggest losers featured a regional bank and insurance broker.

Overall, financial stocks (with market cap over $2B) ended the holiday-shortened week in the red, but outpaced the broader stock market. The Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) edged down 0.4% , while the S&P 500 retreated 1.2% .

Riot Platforms ( NASDAQ: RIOT ) and Marathon Digital ( NASDAQ: MARA ) climbed 32.8% and 13.4% , respectively, even after posting unimpressive bitcoin ( BTC-USD ) production numbers for June as well as the price of bitcoin slipping 1.4% over the past five sessions;

Life and health insurer Genworth Financial ( NYSE: GNW ) made it to the third slot, advancing 12.5% ;

Coinbase Global ( NASDAQ: COIN ), the U.S.'s largest crypto exchange by trading volume, perked up 8.7% as a number of well-known asset managers refiled their spot bitcoin ( BTC-USD ) ETF applications to include the company as a surveillance partner ; and

Futu Holdings ( NASDAQ: FUTU ), a Hong Kong-based online brokerage, rose 6.8% .

Community Bank System, a regional lender based in Dewitt, New York, fell the most among financial stocks with an 8.7% slump for the week;

BRP Group ( NASDAQ: BRP ), which sells insurance products and services, slid 8.6% ;

Wholesale mortgage company UWM Holdings ( NYSE: UWMC ) dipped 8.5% ;

SoFi Technologies ( NASDAQ: SOFI ), known for refinancing student debt, fell 7.6% , even on the heels of the Supreme Court striking down the Biden administration's student loan forgiveness plan; and

Investment manager Federated Hermes ( NYSE: FHI ) d ecreased 6.1%.

Dan Victor , Investing Group Leader of 'Conviction Dossier,' last week laid out a Buy recommendation for RIOT, as the company's hash rate capacity is poised to nearly double by next year.

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