Financial sector declines as Goldman Sachs and Robinhood weigh, while European banks and MarketAxess advance amid broader market gains.
US financial stocks closed lower Friday despite a broader market rally, led by declines in Goldman Sachs (GS) and Robinhood (HOOD). The sector’s mixed earnings results contrasted with gains in European banks and MarketAxess (MKTX), which outperformed peers.
The Federal Reserve’s decision to hold interest rates steady supported equities, while Treasuries extended gains as the bond market sell-off paused. The S&P 500 and Nasdaq posted weekly advances, driven by strong quarterly reports from megacap tech firms.
Treasury yields retreated after a week of volatility, reflecting investor repositioning ahead of key economic data next week. The divergence between financials and broader market performance highlighted sector-specific challenges amid shifting rate expectations.