Upstart, Flagstar sink, while BBAV, BMA climb: week's financials roundup
This week's financial stocks reflected market volatility, with the Financial Select Sector SPDR Fund ETF (XLF) down 1.8%. Upstart Holdings (UPST) fell 19%, and Flagstar Financial (FLG) dropped 17.1%. Other notable declines included Hut 8 (HUT) at 13.4% and Nu Holdings (NU) at 12.9%. Conversely, BBVA Argentina (BBAR) and Banco Macro (BMA) rose 6.3% and 4.0%, respectively, while Globe Life (GL) gained 3.8%.
Financial stocks mirrored the broader market's volatility this week, driven by increased risk aversion following hawkish signals from the Federal Reserve.
The Financial Select Sector SPDR Fund ETF (XLF) dipped 1.8% for the week ended Dec. 20, slightly better than the S&P 500's 2% slide.
Among the top five financial stocks with market caps exceeding $2B, Upstart Holdings (UPST), a lending platform used by banks and credit unions, led the declines with a 19% drop;
Flagstar Financial (FLG), formerly New York Community Bancorp, retreated 17.1%;
Hut 8 (HUT) gapped down 13.4% as the price of bitcoin (BTC-USD) fell markedly from a record high;
Nu Holdings (NU), a big player in the Brazilian banking market, slumped 12.9%; and
MARA Holdings, a fellow bitcoin (BTC-USD) miner, slid 12.2%.
For the gainers, Argentine banks BBVA Argentina (BBAR) and Banco Macro (BMA) climbed 6.3% and 4.0%, respectively;
Globe Life (GL) gained 3.8% after J.P. Morgan said the life and health insurer is among one of its top financial stocks for 2025;
Asset manager AllianceBernstein (AB) accelerated 3.6%; and
SLM (SLM) drifted up 2.2%.