Coinbase, PayPal notch biggest weekly gains; Argentine banks slide: financials roundup

This week’s biggest gainers among financial stocks were led by one cryptocurrency exchange and one payments firm. Two Argentine banks, meantime, fell the most.

In all, financial stocks finished the week ended June 7 in the red, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) edging down 0.4%, compared with the S&P 500’s 1.3% increase.

Coinbase Global (NASDAQ:COIN), the U.S.’s largest crypto exchange, rose the most of any financial stock (with market cap over $2B), climbing 8.1%, as bitcoin (BTC-USD) closed out the week higher;

Payments giant PayPal Hodlings (NASDAQ:PYPL) advanced 6.8%;

Trading app Robinhood Markets (NASDAQ:HOOD) gained 6.1% after agreeing to buy crypto exchange Bitstamp in a deal that is set to expand its crypto business globally;

Qifu Technology (NASDAQ:QFIN), a Chinese credit-tech platform, ascended 3.2%; and

Specialty insurance company Palomar Holdings (NASDAQ:PLMR) rounded out the top five winners, drifting up 2.4%.

On the negative side, Argentine lenders Banco Macro (NYSE:BMA) and Grupo Financiero Galicia (NASDAQ:GGAL) took the lead, retreating 13.9% and 11.7%, respectively;

Little Rock, Arkansas-based Bank OZK (NASDAQ:OZK) slid 8.5%;

Peru’s Intercorp Financial Services (NYSE:IFS) gapped down 7.7%; and

Alternative asset manager Blue Owl Capital (NYSE:OWL), which during the week closed its $170M acquisition of real estate lender Prima Capital Advisors, slumped 7.2%.