Crypto, lenders top week's best-performing financial stocks; insurers slip

Two crypto-exposed stocks and three lending companies topped this week's best-performing financial stocks. On Thursday, a judge's ruling on the trading of crypto assets lifted the crypto sector overall. For the week, the Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) rose just under 2% , underperforming the S&P 500's 2.4% growth . With banks starting to report Q2 earnings on Friday, the Nasdaq KBW Bank Index ( BKX ) also gained just under 2% . Cryptocurrency exchange Coinbase Global ( NASDAQ: COIN ), bounding 34% , led financial stocks with a market cap of at least $2B for the week ended July 14. On Thursday, a U.S. district court judge ruled that trading of XRP ( XRP-USD ) in the secondary market by individual investors didn't qualify as security. Some consumer lending-focused companies also climbed as consumer inflation numbers continued to cool . Upstart Holdings ( NASDAQ: UPST ), which offers a loan platform for banks, gained 29% . In the same week, Arbor Financial Credit Union signed onto its platform. Bitcoin miner Riot Platoforms ( NASDAQ: RIOT ) jumped 24% in a week when bitcoin ( BTC-USD ) gained 3.9%. Online lender Rocket Companies ( NYSE: RKT ), known for Rocket Mortgages, increased 18% and wholesale mortgage lender UWM Holdings ( NYSE: UWMC ) gained 17% for the week. A large trust bank that posted weaker-than-expected Q2 revenue and insurers led the financial stocks that dropped the most. Progressive ( NYSE: PGR ) stock slid 11% for the week after the property & casualty insurer posted lower-than-expected Q2 earnings and rising combined ratio. Subsequently, Wells Fargo downgraded the stock to Equal Weight from Overweight. Trust bank State Street ( NYSE: STT ) dipped 7.8% for the week after Q2 revenue disappointed as net interest fell during the quarter. Progressive peer Allstate ( NYSE: ALL ) fell 6.6% during the week, and insurer Kemper ( NYSE: KMPR ) dropped 5.5% . Rounding out the five biggest decliners of the week is Banco BBVA Argentina ( NYSE: BBAR ), which declined 5.2% . Other Notable Financial Stories of the Week: Wells Fargo boosts outlook for 2023 net interest income Citigroup Q2 earnings miss as market, investment banking revenue disappoint JPMorgan Chase Q2 earnings bolstered by consumer, commercial banking strength Bank of America ordered by CFPB to pay over $100M to consumers Fed's Barr says large banks' capital requirements need to be strengthened