Upstart drops, Coinbase jumps with bitcoin: Weekly financials roundup

The financial stocks that fell the most this week included three fintech firms and two lenders. The winners, meanwhile, featured one cryptocurrency exchange, two regional banks, one P&C insurer and one investment bank. Overall, financial stocks (with market cap over $2B) closed out the holiday-shortened week ended June 23 in the red, with the Financial Select Sector SPDR Fund ETF ( NYSEARCA: XLF ) sliding 2.5% , outpacing the S&P 500's 1.4% retreat. The biggest decliners were led by online lender Upstart Holdings ( NASDAQ: UPST ), dropping 20.1% , as technical indicators signaled that the stock was overextended and due to backtrack after its recent rally; Chinese financial services platform Lufax Holding ( NYSE: LU ) shed 18.5% ; Glacier Bancorp ( NYSE: GBCI ), a regional lender headquartered in Kalispell, Montana, fell 15.2% ; SoFi Technologies ( NASDAQ: SOFI ), known for refinancing student loans, suffered a 13.3% slump after Compass Point initiated coverage of the stock at Sell ; and NatWest Group ( NYSE: NWG ) slid 12.1% during the week that it and fellow U.K. lender HSBC Group ( HSBC ) funded a $125M refinancing deal for gift-packaging manufacturer IG Design Group. On the positive front, Coinbase ( NASDAQ: COIN ) took the lead among financial gainers, climbing 13.3% , after the Supreme Court sided with the crypto exchange in a ruling that litigation must be put on hold if a defendant starts an appeal that would direct the case to arbitration; in addition, bitcoin ( BTC-USD ) drove up to a new one-year high. Banco BBVA Argentina S.A. ( NYSE: BBAR ) took the second slot, advancing 9.5% ; Property and casualty insurer Kemper ( NYSE: KMPR ) ascended 8.9% ; Banco Macro S.A. ( NYSE: BMA ), another Argentine bank, rose 8.6% ; and Brazilian investment bank XP ( NASDAQ: XP ) gained 7.3% after getting upgraded to Buy from Neutral at BofA. SA analyst Que Capital, rating Coinbase ( COIN ) as a Hold, said the company's valuation has become relatively attractive, though "I would caution investors about the inherent risks."