Equities fell Friday with the S&P 500 down more than 0.5% and the Nasdaq 100, Dow Jones and Russell 2000 each off over 1%. Losses followed escalating concerns in the $1.8 trillion private credit sector after Blue Owl sold a private-credit portfolio and limited redemptions and an Apollo-managed fund cut its dividend to preserve cash amid rising defaults. Major asset managers (Blue Owl, Apollo, Ares, Blackstone, KKR) dropped sharply. Israel’s embassy ordering non-essential staff to leave raised U.S.-Iran conflict fears, weighing on airlines, while stronger-than-expected January PPI (headline +2.9%, core +3.6%) reduced odds of near-term Fed cuts.

Market moves driven by concrete events: Blue Owl sold a private-credit portfolio and limited redemptions; an Apollo-managed fund cut its dividend amid rising defaults; major private-credit managers fell sharply; stronger-than-expected January PPI (headline +2.9%, core +3.6%) and raised geopolitical risk after Israel’s embassy asked non-essential staff to leave.