Rocket Mortgage, Ares Management among week's biggest financial decliners

Bull Bear Chiseled Figures

allanswart/iStock via Getty Images

In the week that the Federal Reserve made its biggest rate hike in almost 30 years, two mortgage companies and two large private equity firms are among the financial stocks that declined the most.

Shares in Rocket Companies (RKT), which runs Rocket Mortgage, fell the most in the week ended June 17, dropping 19%. Note that earlier this month, the SA Quant rating warned that the stock was at risk of performing poorly;

Ares Management (ARES) stock dropped 17% as private equity firm stocks came under pressure in the wake of the Fed’s 75-basis point rate hike;

UWM Holdings (UWMC), which operates as United Wholesale Mortgage, was another victim of rising interest rates. Its stock fell 16% in the week;

Blackstone (BX), the world’s largest private equity company, saw its stock slide 16%; and

Cohen & Steers Infrastructure Fund (UTF) dropped 16%, as well.

Two Chinese companies were among the five biggest financial gainers, with Lufax Holding (LU), the personal financial services platform in China, topping the list with a gain of 6.8% for the week;

Hagerty (HGTY), the specialty insurer focusing on automotive enthusiasts, climbed 5.1%;

China Life Insurance (LFC) stock rose 5.0%;

BancFirst (BANF), a Oklahoma City-based bank with a $3B market cap, increased 4.8%; and

Texas-based International Bancshares (IBOC), which has a $2.5B market cap, rose 3.5% during the week.

During the week, Robinhood Markets (HOOD) stock dropped to another all-time low as slumping equity and crypto markets led to declining user activity.

Related post