Shares of alternative asset management companies and banks fell sharply on Friday, including BlackRock and Blue Owl, as a series of negative private credit events sparked renewed concerns about the health of the sector. Broader stock markets also declined, influenced by weaker-than-expected employment data and escalating Middle East conflicts.
Individual stock movements: BlackRock dropped over 5%; Ares Management fell 6.3%, KKR & Co Inc declined 6.3%, Blue Owl decreased 6%, Blackstone dropped 5.6%, and Apollo Global Management fell 5.5%.
Jefferies Financial Group dropped more than 10%; Western Alliance declined 13%.
The KBW Bank Index fell over 4%, with all 23 banking stocks declining by at least 2.9%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.