---
title: "Banks, insurers among gainers; card & payments, crypto stocks in losers: week's financials wrap"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/288934372.md"
description: "Wall Street ended the week lower as tech stocks dragged the S&P 500 down 2.59%, driven by valuation concerns and interest rate anxiety. Conversely, financials rallied; banks and insurance stocks gained significantly as investors shifted to defensive assets. Major banks like Wells Fargo and Citigroup rose, while credit card firms and crypto stocks declined amid stablecoin competition and Bitcoin's drop below $60K."
datetime: "2026-06-06T14:25:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/288934372.md)
  - [en](https://longbridge.com/en/news/288934372.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/288934372.md)
---

# Banks, insurers among gainers; card & payments, crypto stocks in losers: week's financials wrap

Wall Street ended the week on a sour note, with technology dragging the S&P 500 index down by 2.59% from the prior week to close at 7,383.68 points. Traders sold tech-focused stocks and moved into defensive parts of the market amid growing anxiety about valuations and the potential of rising interest rates, a report by Bloomberg said. Cleveland Fed...

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