Sat Sep 07 14:13:00 UTC 2024: – Financial stocks slipped in the past five sessions, but not as much as the broader market
– The Financial Select Sector SPDR ETF stocks dipped 2.2% in the past five sessions
– Investor concerns about growth after a weak August jobs report led to a risk-off stance
– Crypto market also experienced a decline, with Bitcoin falling ~9.6% since Aug. 29
– Argentine banks were the biggest climbers in the sector for the second straight week
– CleanSpark logged the biggest dip, falling 25% due to lower production of bitcoin in August
– Coinbase Global and Marathon Digital also saw declines
– Upstart Holdings and SoFi Technologies also experienced declines
– Banco Macro, Banco BBVA Argentina, and Grupo Financiero Galicia were the top gainers, all Argentine banks
– J.P. Morgan upgraded the outlook for loan growth in Argentina, leading to the gains for the Argentine banks
– Prospect Capital and Better Home & Finance were among the gainers in the last five sessions.

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