Asset management company's stock price plunges, negative credit events exacerbate risk aversion sentiment.

Alternative asset management companies and bank stocks fell sharply on Friday, including BlackRock and Blue Owl, amid new concerns about the industry's health triggered by a series of negative private credit events. The overall stock market also declined in response to weaker-than-expected employment data and the escalating conflict in the Middle East. Individual stock movements: BlackRock fell over 5%; Ares Management fell 6.3%, KKR & Co Inc fell 6.3%, Blue Owl fell 6%, Blackstone fell 5.6%, Apollo Global Management fell 5.5%. US Fintech Financial Group fell over 10%; Western Alliance fell 13%. The KBW Bank Index fell more than 4%, with 23 bank stocks falling at least 2.9%.