SIGI - Fintechs slide insurance and closed-end funds gain: weekly financial roundup

Fintechs comprised three of the five biggest decliners in financial stocks in the past week, while two insurance companies and two closed-end funds were among the biggest financial gainers.

Among financial stocks with market cap of $2B or above Upstart Holdings ( NASDAQ: UPST ) fell the most, 20% , as higher interest rates and fears of recession had investors avoiding risk in the week ended July 1. The company provides an AI-driven platform to financial institutions to make lending decisions. On Wednesday, Morgan Stanley downgraded the stock to Underweight. Year-to-date, UPST has plunged 78%.

Grab Holdings ( NASDAQ: GRAB ), a Singapore-based fintech and delivery app, sank 18% ;

SoFi Technologies ( NASDAQ: SOFI ), the personal finance app that helps users refinance student loans, dropped 12% during the week and 66% YTD;

Deutsche Bank ( DB ), Germany's largest lender, slid 11% ; and

Another non-U.S.-based bank, Bancolombia ( CIB ), declined 9.6% .

For the stocks that climbed the most, John Hancock Financial Opportunity Fund ( BTO ), a closed-end equity mutual fund, gained 9.7% in the past week;

Insurance broker Ryan Specialty Holdings ( RYAN ) rose 8.3% ;

Securities brokerage, research, and investment firm Freedom Holding ( FRHC ) increased 8.1%;

Selective Insurance Group ( SIGI ) added 8.9% ; and

Cohen & Steers Infrastructure Fund ( UTF ) finished the week up 5.1%.

On Friday, Treasury yields, breakevens fell as fears shifted from inflation to recession

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