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Financial stocks bucked the wider stock market’s retreat this data-packed week as U.S. Treasury yields retreated, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) gaining 0.8%, outpacing the S&P 500’s 0.2% decline.
With earnings season wrapping up, market participants were laser-focused on a barrage of economic data, namely the mixed February jobs report, which essentially ended up reviving hopes the Federal Reserve will be able to achieve a soft landing.
Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) rose the most of any financial stock (with market cap over $2B) for the week ended March 8, surging 24.7%, as bitcoin (BTC-USD) extended its rally to a new record high;
The second-biggest financial gainer was BGC Group (NASDAQ:BGC), a financial brokerage and technology firm, jumping 19.7%;
Bitcoin (BTC-USD) miner CleanSpark (NASDAQ:CLSK) climbed 13.3%;
Japanese lender Mizuho Financial Group (NYSE:MFG) advanced 12.3%; and
KB Financial Group (NYSE:KB), a South Korea-based bank, rounded out the five biggest winners with an 11.9% gain.
For the losers, fellow bitcoin (BTC-USD) miner Riot Platforms (NASDAQ:RIOT) topped the list, sliding 14.5%, despite the strong bull run in crypto prices. On Tuesday, the company said it generated 20% fewer BTC in February vs. January.
SoFi Technologies (NASDAQ:SOFI) gapped down 14.2% after the fintech bank after announcing a $750M debt offering;
Marathon Digital Holdings (NASDAQ:MARA), which also during the week posted a sequential decline in bitcoin (BTC-USD) production, fell 13%;
Burford Capital (NYSE:BUR), a provider of legal finance services, dipped 7%; and
F&G Annuities & Life (NYSE:FG) slumped 6.3%.