Shares of banks and other financial institutions rallied, registering their biggest gain in a year as traders rotated into lagging sectors. The gains came despite an about-face from one private-credit manager on capping fund withdrawals.

Major asset managers gate $4.6 billion in private credit redemptions as investor withdrawals surge, exposing liquidity risks in the booming direct-lending

Shares of Apollo, Blackstone, KKR, and peers fell over 5% as private credit fund redemptions hit record levels, raising crypto market spillover concerns.