Coinbase, FirstCash, AssetMark post gains in otherwise ugly week for financial stocks

Financial stocks fell markedly this past week, along with the broader equity market, as Treasury yields continued their climb against a backdrop of elevated market volatility.

In all, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) slid 3.6% for the week ended April 12, outpacing the S&P 500’s 1.6% dip. Note the big U.S. banks had kicked off earnings season Friday, only to underwhelm investors amid warnings of continued economic uncertainty.

Global Life (NYSE:GL), a life and health insurance company, saw the biggest decline among financial stocks (with market cap over $2B), tumbling 45.5%;

Bitcoin (BTC-USD) miners Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) came in a distant second and third, retreating 12.6% and 10.8%, respectively, as the price of bitcoin, too, suffered this week;

Spain-based lender Banco Bilbao Vizcaya Argentaria (NYSE:BBVA) gapped down 10.6%; and

F&G Annuities & Life (NYSE:FG), a provider of fixed annuities and life insurance products, rounded out the five biggest financial losers with a 10.3% loss.

On the winning side, meantime, Argentine bank Grupo Financiero Galicia (NASDAQ:GGAL) scored the biggest gain, climbing 8.2%;

FirstCash Holdings (NASDAQ:FCFS) gained 5.6% as TD Cowen upgraded shares of the operator of retail pawn stores to Buy from Hold;

AssetMark Financial (NYSE:AMK), which during the week posted its monthly results; perked up 4.5%;

Consumer-finance company Credit Acceptance Corp. (NASDAQ:CACC) ascended 2.3%; and

Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) rose 2%, bucking the wider crypto-market slump.