Shares of banks and other financial institutions fell amid a cryptocurrency rout.
Bitcoin prices fell below $70,000 to a 15-month low. Also hard hit were shares of online brokerage Robinhood Markets and crypto exchange Coinbase, both of which have thrived since the election of Donald Trump as the administration opened up crypto access and digital currency prices soared.
Fears about private-credit funds persisted despite efforts from investment firms to assuage those fears. A major acquisition did little to reassure KKR investors as the private-markets firm's shares continued to slide over worries that artificial intelligence may reduce the value of software investments. Similarly, private-credit specialist Blue Owl Capital continued its slide, despite executives echoing peers' efforts to redirect recent narratives tying AI risk to software loans and emphasizing their overall performance and outlook.
Spain's Banco de Sabadell appointed Marc Armengol, an executive at British banking unit TSB, as its next chief executive.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-05-26 1804ET
