Wall Street saw a mixed week, with the benchmark S&P 500 Index adding a marginal 0.08%, the NASDAQ Composite Index losing 0.45%, and the Dow Jones Industrial Average Index rising 0.34%.
Financial Select Sector SPDR Fund ETF (XLF) ended the week 0.63% lower at $52.45.
A boost to sentiment from the end of the longest U.S. government shutdown and positive trade developments was partially offset by hawkish comments from Federal Reserve speakers.
Cryptocurrency-linked stocks emerged as the biggest losers of the week as bitcoin (BTC-USD) decline deepened.
The token has lost ~10% of its value over the course of the week, placing bitcoin firmly in bear-market territory.
Bitcoin miners Cipher Mining (CIFR) (-30.59% W/W to $14.36), CleanSpark (CLSK) (-29.61% W/W to $10.96), IREN (IREN) (-25.67% W/W to $46.37), MARA Holdings (MARA) (-24.45% W/W to $11.99), and TeraWulf (WULF) (-21.16% W/W to $10.99) were the top losers among financial stocks with over $2B in market cap.
Circle Internet Group (CRCL) followed, retreating 20.60% from the prior week to close at $81.89. The stablecoin technology company’s share price has been under pressure in recent weeks in advance of a substantial lockup expiration.
For the weekly gainers, Berkshire Hathaway (BRK.A) (BRK.B) stood out among mega-cap stocks. The A shares added 2.08% to close at $763,866.71, while the B shares rose 1.98% to $508.94.
The week saw Warren Buffett, its iconic leader, deliver something of a farewell letter to shareholders. Also, the investment firm disclosed portfolio changes made in Q3.
Property and casualty insurers Old Republic (ORI) (+7.49% W/W to $44.35) and Allstate (ALL) (+5.94% W/W to $214.30) as well as Japanese banking groups Sumitomo Mitsui (SMFG) (+7.24% W/W to $17.48) and Mizuho (MFG) (+6.33% W/W to $$7.05) took the top spots among large-cap stocks.
Mizuho’s gain was propelled by the company’s first-half earnings results, which in turn drove SMFG’s advance.
For the mid-cap stocks, eToro (ETOR) led the pack, adding 16.11% on a weekly basis to close at $40.50. The multi-asset trading platform delivered Q3 earnings that rose past the Wall Street consensus, while the board authorized a new share buyback program of up to $150M.