Brazilian Stocks, Wells Fargo Among Top Gainers in Weekly Financials Roundup

Brazilian stocks and Wells Fargo were among the top gainers in a weekly financials roundup, while crypto-linked shares, HSBC and MUFG were among the decliners as markets absorbed expectations for prolonged higher interest rates.

The Federal Reserve’s meeting minutes reinforced a hawkish policy stance, keeping pressure on technology and crypto-related equities. Financial stocks benefited as investors continued to assess the prospect of rates remaining elevated for longer.

Wells Fargo advanced after analyst upgrades. Visa and Mastercard also moved higher following the launch of the OUSD stablecoin, with investors largely shrugging off legislative threats affecting the companies.

HSBC and MUFG fell amid restructuring concerns and broader macroeconomic headwinds. Crypto-linked stocks, including RIOT, HIVE, MARA, BMNR, CLSK, HUT and BTBT, were among the weaker performers.

Telecom stocks came under pressure after a massive SpaceX deal, while artificial-intelligence infrastructure and semiconductor shares faced renewed scrutiny over revenue expectations after lower revenue projections at OpenAI prompted scrutiny.