US Stock Market Move | Bank stocks and major asset management stocks fell, with BlackRock, Inc. (BLK.US) continuing to drop 2.2%.

On Monday, US bank stocks and asset management giants saw a decline in stock prices. As of the time of publication, Wells Fargo & Company (WFC.US) fell by over 3.6%, Citigroup (C.US) fell by 2.9%, Bank of America Corp (BAC.US) fell by over 3%, JPMorgan Chase (JPM.US) fell by over 2%, and Goldman Sachs Group, Inc. (GS.US) fell by over 1.4%. Asset management giant BlackRock, Inc. (BLK.US) continued to fall by 2.2% following a 7% drop last Friday, while Blackstone (BX.US) fell by over 1%, KKR & Co (KKR.US) and TPG Inc (TPG.US) fell by over 2.7%, Apollo Global Management Inc (APO.US) fell by over 2%, and Blue Owl Capital (OWL.US) fell by over 2.5%. BlackRock, Inc. announced last Friday that it would limit redemptions of its $26 billion HPS Corporate Lending Fund to 5%, as investor requests for redemptions had almost reached double that amount. This is the first time a large private credit manager has imposed redemption restrictions on a perpetual fund since the start of market tension.