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2025-03-01 23:10
Insurance companies dominated the biggest weekly winners among financial stocks, while crypto-linked firms led the steepest declines overall.
For the week ended Feb. 28, the Financial Select Sector SPDR ETF (XLF) drove up 2.8%, compared with the S&P 500's 1.0% dip. In addition to the flurry of corporate earnings reports, much of this week's price action centered on uncertainties stemming from Trump's tariff moves and hot inflation data.
Root (ROOT) was the week's biggest gainer of any financial stock (with market cap over $2B), surging 35%, after the auto insurance platform achieved its first-ever net income profitability;
Real estate investment manager Bridge Investment Group Holdings (BRDG) gapped up 33% on the back of an agreement to sell itself to Apollo Global Management for $1.5B;
Goosehead Insurance (GSHD), which during the week posted better-than-expected Q4 headline results, advanced 16%;
Annuities provider Jackson Financial (JXN) gained 12%; and
Erie Indemnity Company (ERIE) rounded out the five biggest financial winners, accelerating 12%, after posting mixed Q4 results.
Conversely, crypto miners Cleanspark (CLSK) and Riot Platforms (RIOT) fell the most of any financial stock, sliding 14% and 11%, respectively, as the price of bitcoin (BTC-USD) dropped double-digits on the week;
Taking the third slot, Hong Kong-based Futu Holdings (FUTU) retreated 10%;
Coinbase Global (COIN) shed 8.4% even after the U.S. Securities and Exchange Commission on Thursday dismissed its civil 2023 lawsuit against the crypto exchange;
AI-powered lending platform Upstart Holdings (UPST) dipped 7.1%.