US financial sector rose in October as AI stocks sold off; Coinbase fell 24%
Financial Select Sector SPDR gained 5.23% in October versus a 1.40% S&P 500 decline. Cboe led gainers, Coinbase fell 24.17%, Seeking Alpha reports.
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what happened
According to Seeking Alpha, the Financial Select Sector SPDR rose 5.23% in October, outperforming the S&P 500, which fell 1.40%. The sector still ranked seventh of the 11 S&P 500 sectors. The publication's analyst argues that AI was the decisive factor: sharp declines in AI-linked stocks pushed capital into other groups, financials among them.
Cboe Global Markets led with a 21.05% gain, followed by S&P Global and Arthur J. Gallagher. The text gives FactSet Research Systems a rise of 18.09%, while the list of leaders shows 18.72%. Coinbase Global was the weakest large name, down 24.17%, with Robinhood Markets losing 23.54%.
why it matters
The analyst links Cboe's gains to possible growth in options trading as market uncertainty rises, and sees relief for insurance brokers and data providers as worries about AI agents disrupting pricing models eased. Weakness in crypto-related firms and brokerages reflects lower risk appetite. The analyst remains cautious ahead of year-end, citing weak consumer sentiment and persistently high energy prices.
market impact
US financials: rotation out of AI stocks supported exchanges and brokers, while crypto platforms were pressured
tags
instruments
sources
- Financial sector rise in October: AI shift lifts CBOE, crypto rout hits COIN — Seeking Alpha, 1 November 2026 at 20:05 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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