AX - Robinhood tops financial gainers RenaissanceRe falls the most: Weekly roundup

2023-12-09 10:24:00 ET

Financial stocks slipped this past week as a better-than-forecast nonfarm payrolls report knocked some sense into traders' notion that the Federal Reserve's highly-anticipated monetary easing next year may not be as aggressive as they had expected.

With the wake-up call induced by the jobs report, financial stocks ticked down for the week ended Dec. 8, with the Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) inching down 0.1% . The S&P 500, by contrast, edged up 0.2% .

Robinhood Markets ( NASDAQ: HOOD ) rose the most of any financial stock, (with market cap $2B+) this week, surging 25.9% , as the rally in bitcoin ( BTC-USD ) reflected positively on the purportedly third-largest bitcoin holder. Armed with the bitcoin rally, the trading app said it launched commission-free crypto trading in the European Union.

Marathon Digital Holdings ( NASDAQ: MARA ) jumped 22.5% as the aforementioned bitcoin ( BTC-USD ) surge also helped the bitcoin miner;

Regional bank Axos Financial ( NYSE: AX ) climbed 19.6% amid news it acquired two loan portfolios with a combined principal balance of $1.25B from the FDIC;

Riot Platforms ( NASDAQ: RIOT ), another bitcoin miner, accelerated 15% on news of a new purchase order that's expected to boost its scale and improve fleet efficiency; and

Upstart Holdings ( NASDAQ: UPST ), the AI-driven lending platform, gained 14.1% .

On the negative side, RenaissanceRe Holdings ( NYSE: RNR ) took the lead, sliding 5.9% ;

Everest Group ( NYSE: EG ), another reinsurer, dipped 5.6% ;

Tradeweb Markets ( NASDAQ: TW ), which during the week posted an annual jump in average daily volume , fell 4.7% ;

Futu Holdings ( NASDAQ: FUTU ), a Hong Kong-based fintech company, retreated 4.4% ; and

Arch Capital Group ( NASDAQ: ACGL ) rounded out the five biggest losers, gapping down 4% .

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