Banks, Asset Manager Stocks Plunge On Private Credit Panic: What's Moving Markets Monday?

Wall Street opened the week under heavy pressure as risk sentiment deteriorated on AI-related credit concerns and fresh trade uncertainty amid the feud between President Donald Trump and the Supreme Court.

By 1:00 p.m. in New York, the S&P 500 was down more than 1%, the Nasdaq 100 had fallen 1.3% and the Dow Jones Industrial Average slumped 1.5%.

The blue-chip index was weighed down by sharp losses in financial names. A wave of selling hit asset managers after concerns emerged around a private credit fund managed by Blue Owl Capital Inc. (NYSE:OWL). The firm announced it is liquidating $1.4 billion in assets to raise money to pay out individual investors.

• Apollo Global Management Inc. (NYSE:APO) sank 6.6% on the day, marking its worst session since Liberation Day.
• Blackstone Inc. (NYSE:BX) slid 6.7% and has now dropped 16% over the past three sessions, its steepest three-day decline since March 2020, touching the lowest level since late 2023.
• Ares Management Corp. (NYSE:ARES) fell 6.3%
• KKR & Co. Inc. (NYSE:KKR) tumbled 8.3%, extending its monthly loss to 20%, the worst stretch since 2015.

The weakness spilled into established financial heavyweights. American Express (NYSE:AXP) dropped 7.4%, Goldman Sachs Group Inc. (NYSE:GS) lost 3.5% and JPMorgan Chase & Co. (NYSE:JPM) retreated 4.5%.

For the broader Financials Select Sector SPDR Fund (NYSE:XLF) it’s the worst day since early April 2025.

Technology sector also remained under pressure. The iShares Expanded Tech-Software Sector ETF (BATS:IGV) fell 5%, sliding to its lowest level since August 2024 as software names extended their recent downturn.

Over the weekend, Trump said he would raise his new global tariff to 15%, aiming to replace duties ruled illegal by the Supreme Court last week. The move injected fresh uncertainty into trade policy as questions now linger about whether businesses that already paid the invalidated levies will receive refunds.

Gold rallied for the fourth straight session to $5,200 and silver also jumped to $87 an ounce.

In crypto markets, Bitcoin (CRYPTO: BTC) sunk 4.2% to $64,000.

Monday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) fell 1% to $627.92.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) moved 1.4% down to $489.03.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 1.2% to $601.57.
• The iShares Russell 2000 ETF (NYSE:IWM) slumped 2.1% to $259.58.
• The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 1.0%; the Financial Select Sector SPDR Fund lagged, down 3.2%.

Russell 1000's Top 5 Gainers And Losers On Monday

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