The financial stocks that fell the most this past week featured two U.S. fintechs and two Chinese fintechs, while the biggest gainers included three insurers.
Overall, financial stocks ended the week ended August 11 virtually flat, with the Financial Select SPDR ETF (NYSEARCA:XLF) up 0.03%, outpacing the S&P 500’s 0.3% decline.
Upstart (NASDAQ:UPST), which offers a loan platform for banks, sank 44.8% last week, making it the stock that posted the biggest drop among financials with market cap over $2B, after providing softer-than-expected Q3 revenue guidance and Q2 revenue that missed the consensus;
Hong-Kong-based online brokerage Futu Holdings (NASDAQ:FUTU) retreated 14.1%;
Lufax Holding (NYSE:LU), a Shanghai-based fintech company, dipped 11.1%;
SoFi Technologies (NASDAQ:SOFI), known for refinancing student debt, rounded out the five biggest losers with a 9% decline.
Property & casualty insurer Hagerty (NYSE:HGTY) advanced 8.8% on stronger-than-expected Q2 top and bottom lines;