Yes – hips
Financial stocks and the broader equity market have seen unusual volatility over the past week, with investor sentiment thrown into turmoil by a combination of growth concerns and the unwinding of yen carry trades. and businesses Earnings reports continue to influence price action this week.
Despite all the craziness, financial stocks (NYSE:XLF) recorded slight growth in the week ended August 9, up 0.8%. In contrast, the S&P 500 ended the week little changed.
Judging by its name, Upstart Holdings has the largest gain among all financial stocks (market capitalization exceeds $2 billion). Soared 52.6%after the artificial intelligence-powered lending platform issued strong guidance for third-quarter revenue and adjusted EBITDA, in addition to second-quarter results that beat Wall Street expectations. Subsequently, Citi upgraded the stock’s rating from sell/high risk to neutral/high risk.
Grupo Financiero Galicia is a distant second (NASDAQ: GGAL) up 28.5% Bank of America doubled down its rating on Argentinian banks from “underperform” to “buy” as it expects positive loan growth this year;
Banco Bradesco (Brazil)NYSE:BBD), announced second quarter results this week, and there was a gap up 21.5%;
Nu Holdings (NYSE: Now), a Brazilian digital banking service provider, up 13.6%;and
Bank of Argentina Macro Bank (NYSE:BMA)by An increase of 11.9% Bank of America upgraded its rating on the stock to neutral from underperform.
On the downside, Bitcoin (BTC-USD) miner CleanSpark (NASDAQ: CLSK)take the lead, Slide 15%as the price of Bitcoin drops slightly every week. On Friday, the company reported a loss of $236.2 million in the third quarter of fiscal 2024 due to unfavorable mark-to-market fair value of its Bitcoin holdings and impairments on older miners.
Khalil Group (NASDAQ:CG) Plunged 10.6% After JPMorgan downgraded the private equity firm to “neutral” from “overweight”;
Guangming House Finance (NASDAQ: BHF) Down 8.6% Second-quarter results were mixed;
Guaranteed Guarantee (NYSE:AGO), which released second-quarter results earlier last week, down 7%;and
Anti-riot platform (NASDAQ: RIOT), another Bitcoin (BTC-USD) miner, gapped short down 6% Even after Bitcoin production increased by 45% in July last quarter.
