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

Finviz2026/02/23 18:42

By:Finviz

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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

Major Indices	Price	1-day % change
S&P 500	6,847.77	-1.0%
Nasdaq 100	24,732.80	-1.1%
Dow Jones	48,937.01	-1.4%
Russell 2000	2,613.11	-2.2%

Updated by 1:10 p.m. ET

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

Stock Name % Change

Viking Therapeutics, Inc. (NASDAQ: VKTX)	+9.64%
AST SpaceMobile, Inc. (NASDAQ: ASTS)	+7.47%
Sprouts Farmers Market, Inc. (NASDAQ: SFM)	+6.78%
PayPal Holdings, Inc. (NASDAQ: PYPL)	+6.44%
AngloGold Ashanti plc (NYSE: AU)	+5.61%

Stock Name % Change

RingCentral, Inc. (NYSE: RNG)	-11.88%
MongoDB, Inc. (NASDAQ: MDB)	-10.62%
Datadog, Inc. (NASDAQ: DDOG)	-10.12%
CrowdStrike Holdings, Inc. (NASDAQ: CRWD)	-9.54%
Zscaler, Inc. (NASDAQ: ZS)	-9.49%

Image: Shutterstock

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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By Doug Busch Shopify is no longer a pandemic-era growth story that simply failed to slow down. It is compounding at a pace few software platforms its size still manage. In the second quarter of 2026, sales on its platform rose 32%. That was the fifth straight quarter of growth exceeding 30%. Merchants are also using more of Shopify's own tools, from payments to Shop Pay, and new channels like AI shopping agents are starting to increase demand. The simple bull case is that the stock already commands a huge share of independent online commerce, and that position should become more valuable as more buying moves through its checkout. A rule of market mechanics is that the vast majority of an individual security's gain is driven by its underlying sector. Within technology, software has staged a robust recovery, joining semiconductors to power the broader sector higher. The iShares Expanded Tech-Software Sector ETF has maintained an upward trajectory since its mid-April lows, though the advance from $74 to $112 has been choppy as bulls repeatedly stepped in to defend when necessary. Breadth across large-cap software has expanded significantly, with 24 constituents surging over 20% over the past three months. During that same three-month window, Shopify generated outstanding relative strength, advancing 36%, more than doubling the IGV's 17% gain over the same period. Expect the stock's outperformance to persist as software momentum broadens. Let's examine the daily and monthly charts to outline the technical drivers behind this thesis. Looking at the daily chart, the ratio chart against the IGV shows persistent outperformance extending back to mid-May. The stock is riding an eight-session winning streak, during which price action cleared a double-bottom-with-handle pivot at $151.39. Within this broader base, the stock recorded a bullish golden cross in late August and successfully filled its Sept. 10 price gap, tracing back to its Aug. 4 session, the day before a powerful earnings reaction sent the stock surging 17% hi

Dow Jones•2026/10/09 03:10