Financial stocks kept climbing this week, with several bank and insurance ETFs touching record highs ahead of big bank earnings.

Bank Index Outpaces the Market

The KBW Nasdaq Bank Index has risen roughly 20% between late March and late June, comfortably beating the broader market’s 13% gain over the same period.

Insurers Also Hitting Highs

Insurance names including Chubb, Travelers, Aflac, MetLife, and Allstate reached 52-week highs, alongside bank stocks like Bank of America, US Bancorp, and BNY Mellon.

Some Warn the Rally Looks Stretched

Technical indicators show the sector’s momentum reading well into overbought territory, its highest level in roughly two years, raising questions about how much further the run can go.

Bulls See More Room to Run

Wells Fargo analyst Mike Mayo argues the rally isn’t over yet, pointing to record capital-markets activity, accelerating commercial loan growth, strong credit quality, and deregulation as tailwinds heading into earnings season.