Financial stocks were declining premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.6%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 2.3% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1%.

Apollo Global Management (APO) capped redemptions from one of its flagship private credit vehicles after investors tried to withdraw assets above the allowed threshold, the Financial Times reported, citing a letter the fund sent to investors. Shares of Apollo Global Management were down more than 3% premarket.