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Financial stocks finished the week ended May 10 comfortably in the green, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) driving up 3.2%, outpacing the S&P 500’s 1.9% gain.
Looking at each of the five biggest winners this week among financials (with market cap over $2B), Nelnet (NYSE:NNI) took the lead, jumping 13.1% on the back of stronger-than-forecast Q1 earnings;
Global Life (NYSE:GL), the provider of life and supplemental health insurance products whose stock recently swooned after a short-seller report, gapped up 11.5%;
UBS Group (NYSE:UBS) accelerated 9.3% after the Swiss lender disclosed that it returned to profit in Q1 and said it’s on track with cost and balance sheet reduction plans after acquiring Credit Suisse;
Private-equity giant KKR & Co. (NYSE:KKR) climbed 8.5%; and
Manulife Financial Corp. (NYSE:MFC), which during the week delivered Q1 core earnings that topped Wall Street expectations and rose both Q/Q and Y/Y, also ascended 8.5%.
Note that the aforementioned stocks also tracked higher from a month ago.
For the losers, bitcoin (BTC-USD) miner Riot Platforms (NASDAQ:RIOT) fell the most, sliding 11.7%, as the price of bitcoin continued its post-having correction;
Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) slumped 10%;
Robinhood Markets (NASDAQ:HOOD) retreated 9.6% even after Q1 earnings and revenue soared past the Wall Street consensus estimates, driven by the surge in crypto trading;
Brighthouse Financial (NASDAQ:BHF), which during the week posted mixed Q1 results, fell 6.8%; and
Asset manager Victory Capital Holdings (NASDAQ:VCTR) descended 6.7% on the heels of mixed Q1 results.
