BETR, FUTU, COF lead weekly gains among financial stocks; Brazilian banks slide
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Financial stocks climbed this past week, outpacing the broader stock market, as investors cheered the Federal Reserve’s bumper half-point interest-rate cut and its signals for further policy easing.
The Financial Select Sector SPDR ETF (NYSEARCA:XLF) gained 2.4% for the week ended Sept. 20, stronger than the S&P 500’s 1.4% rise.
Rising the most of any financial stock (with market cap over $2B), homeownership company Better Home & Finance Holding (NASDAQ:BETR) jumped 17.5%;
Hong Kong-based Futu Holdings (NASDAQ:FUTU) gapped up 13.8%;
Capital One Financial (NYSE:COF), which during the week posted an increase in its delinquency and net charge-off rates for August, accelerated 9.6%;
PayPal Holdings (NASDAQ:PYPL) ascended 9.5% after the payments firm formed a new partnership with Amazon Buy with Prime; and
Argentine lender Banco Macro (NYSE:BMA) rounded out the five biggest financial winners with a 9.3% advance.
On the flip side, insurance broker Arthur J. Gallagher (NYSE:AJG) fell the most last week among financials, shedding 7.2%;
Brazil-based Banco Bradesco (NYSE:BBD) slid 6.1%;
XP (NASDAQ:XP), a Brazilian investment manager, dipped 4.8%;
Banco Santander (Brasil) (NYSE:BSBR), a fellow Brazilian bank, retreated 4.3%; and
CleanSpark (NASDAQ:CLSK) slipped 4.2% even as bitcoin delivered a positive weekly return.