Three of the biggest gainers in financial stocks were insurance companies, and a fourth, an undervalued financial company, rallied after better-than-expected July inflation data. July CPI report also showed an increase in insurance prices in month.
Jackson Financial (NYSE:JXN), the financial stock with the next biggest weekly gain (+20%), even after Adjusted Q2 operating EPS of $2.52, which includes the $238 million negative impact of notable items, down from $6.74 in the prior year quarter. Company, has separated from Prudential plc (PUK) in 2021, returning $116 million to shareholders during the quarter;
Goose head insurance (NASDAQ:GSHD) saw its stock 19% increase;
Upstart Holdings (NASDAQ:UPDATE), using AI to help banks make lending decisions, Q2 results were weaker than expected, but its stock 17% increase during the week with the help of a Inflation reports and bets that the Fed will become less aggressive in raising interest rates. Note that at the beginning of the year, the stock is still down 77%; and
As for financial stocks that fell the most, three were fintechs based outside XP Inc. based in the United States (XP) down 17% next week Affected Q2 profit by investments and JPMorgan downgrade stock to Neutral;
Lufax Holding is headquartered in Shanghai (LU) down 6.1%;
Brazilian fintech company Nu Holding (NYSE:NUTS), called Nu Bank, fell 5.4%; and