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. …