Story perspectives

Financials Face Worst Start Since Covid Amid Market Woes

3/16/2026

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Summary

Story summary

The S&P 500 Financials Index is down 11% this year, marking its worst start since the Covid pandemic.
Investors cite concerns about private credit, the impact of AI on software companies, and rising oil prices tied to the Iran war as factors driving the decline.
Shares of Ares Management and Blackstone have dropped over 30%.
Although some strategists say the market may be overly pessimistic on private credit, volatility deters investors.
The KBW Bank Index has fallen over 10% this year, reflecting broader economic anxieties.

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Story summary

The S&P 500 Financials Index is down 11% this year, marking its worst start since the Covid pandemic.
Investors cite concerns about private credit, the impact of AI on software companies, and rising oil prices tied to the Iran war as factors driving the decline.
Shares of Ares Management and Blackstone have dropped over 30%.
Although some strategists say the market may be overly pessimistic on private credit, volatility deters investors.
The KBW Bank Index has fallen over 10% this year, reflecting broader economic anxieties.