Stock Market Update
12-Mar-26 12:05 ET
Financials sector lags as private credit concerns intensify
Dow -514.58
at 46901.58,
Nasdaq -293.91
at 22422.24,
S&P -67.11
at 6710.68
[BRIEFING.COM] The major averages continue to trade a touch above their session lows at midday.
The financials sector (-1.2%) is under considerable pressure again today, extending this week's losses to 3.1%. Asset manager names such as KKR (KKR 83.12, -4.01, -4.60%), Ares Management (ARES 99.10, -4.36, -4.21%), and Apollo Global Management (APO 102.14, -3.96, -3.73%) are once again among the laggards in the sector.
Bloomberg reported that Morgan Stanley (MS 154.84, -6.05, -3.76%) and Cliffwater are capping withdrawals from private credit funds after investors rushed to redeem funds.
