News

A toxic brew of climbing bond yields and a broadening panic about the stability of private-credit lenders has helped push the S&P 500 financial-services sector to its lowest level since last May.

A steady drumbeat of ominous headlines about alternative lenders shielding their funds from surging redemption requests has heaped more pressure on shares of Blue Owl OWL, Blackstone BX, KKR KKR and other alternative asset managers. Shares of these lenders already had been struggling for the better part of a year, but more recently, shares of Morgan Stanley MS, JPMorgan Chase JPM, Goldman Sachs GS and other big banks also have come under pressure. The firms didn’t immediately respond to requests for comment.