This week unveiled an intriguing tale in the financial sector landscape. It was a narrative where gains and losses intertwined, painting a picture that captured the essence of market volatility. The sun shone on the bearer of Chinese credit-tech, basking in the afterglow of their impressive full-year results. Conversely, a cryptocurrency miner faced the darkest hours, grappling with falling token prices.
The rhythm of the week concluded harmoniously, with financial stocks dancing to the tune of prosperity. The curtain closed on the week ending March 15 with a crescendo of success. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) waltzed through the week, showcasing a graceful rise of 0.4%, overshadowing the S&P 500’s meek 0.1% decline.
Standing tall among the winners, China’s Qifu Technology (NASDAQ:QFIN) emerged as the crowned victor, boasting a meteoric surge of 18.7%. Their stellar performance, besting even Wall Street’s wildest dreams, painted a bright future against a backdrop of uncertainty.
New York Community Bancorp (NYSE:NYCB) wasn’t far behind, sprinting ahead with a 14% acceleration. Their stride was bolstered by a $1.05 billion lifeline, a testament to resilience led by a group of investors, including the illustrious former Treasury Secretary Steven Mnuchin.
The limelight also graced Palomar Holdings (NASDAQ:PLMR), the specialty insurance company that made heads turn with a magnificent leap of 10.4% after securing Jefferies’ coveted Buy rating. Banco Macro S.A. (NYSE:BMA) added to the triumph, advancing 9% alongside South Korea’s very own KB Financial Group (NYSE:KB) who sealed the top five with a commendable 7.2% climb.
However, as the saying goes, not every story has a fairytale ending. The shadows of loss loomed over bitcoin miners Marathon Digital Holdings (NASDAQ:MARA) and CleanSpark (NASDAQ:CLSK), plunging 17.7% and 13.9%, respectively. The rocky road continued for Upstart Holdings (NASDAQ:UPST), navigating a 13.6% descent.
Adding to the chorus of dismay, Fintech marvel SoFi Technologies (NASDAQ:SOFI) stumbled, grappling with a disheartening 8.8% slump. The woes cascaded to Japan’s Mizuho Financial Group (NYSE:MFG), with a somber 7.9% decrease fueled by speculations of the Bank of Japan terminating its long-standing negative interest rate policy, a harbinger of a potential rate hike after a dormant 17-year slumber.