Market Overview - U.S. markets experienced volatility due to escalating tensions with Iran and concerns over private credit stability [1][2] - The S&P 500 decreased by 0.28%, the Dow Jones Industrial Average fell by 0.54%, and the Nasdaq Composite dropped by 0.31% [3] Oil Market - Oil prices increased by nearly 2% amid fears of supply disruptions due to potential military action in Iran [2] Private Credit Market - Blue Owl Capital sold $1.4 billion in loan assets, which raised concerns about liquidity and stability in the private credit market, leading to a nearly 6% decline in its stock [2] - Other asset managers, including Blackstone and Apollo Global Management, also saw their shares retreat [2] Technology Sector - Software stocks, including Salesforce, Intuit, and Cadence Design Systems, ended the trading day lower [2] International Economic Indicators - Japan's headline inflation rate fell to 1.5% in January, the lowest since March 2022, and below the Bank of Japan's 2% target for the first time in 46 months [4] - Investors are awaiting China's loan prime rate decision, which is expected later in the day [4]

Market Overview - The US stock market faced multiple pressures, including concerns over artificial intelligence, private credit news, and the situation in the Middle East, leading to a collective decline in major indices [1][2]. Stock Performance - On February 19, 2023, the Dow Jones index fell by 0.54% to 49,395.16 points, the S&P 500 index decreased by 0.28% to 6,861.89 points, and the Nasdaq Composite index dropped by 0.31% to 22,682.73 points [2]. - Major tech stocks showed mixed results, with Facebook, Tesla, and Amazon experiencing slight gains, while Nvidia, Microsoft, and Google saw minor declines. Apple shares fell by 1.43% [4]. Company News - Amazon surpassed Walmart to become the company with the highest annual revenue globally, reporting sales of $717 billion for the year ending December 31, 2025, compared to Walmart's $713.2 billion for the year ending January 31, 2026 [4]. - Blue Owl Capital announced a deal to sell $1.4 billion in direct loan investments at a face value of 99.7% to four North American public pension and insurance investors, reflecting pressure on asset management companies [6]. Sector Performance - Energy stocks rose as international oil prices increased, with NYMEX WTI crude futures closing above $66 per barrel. Companies like Occidental Petroleum and International Offshore Engineering saw gains exceeding 9% [8][11]. - Gold prices showed volatility, with COMEX gold futures trading above $5,000 per ounce, supported by geopolitical tensions [9].

Market Overview - On February 19, U.S. stock markets opened lower and closed down, with all three major indices declining [1][2] - The Dow Jones Industrial Average fell by 0.54% to 49,395.16 points, the S&P 500 decreased by 0.28% to 6,861.89 points, and the Nasdaq Composite dropped by 0.31% to 22,682.73 points [2][3] Asset Management Sector - Blue Owl Capital announced the sale of $1.4 billion in loan assets from three private debt funds, raising concerns among investors about potential losses in the private loan sector [4] - Following this news, several asset management companies experienced significant stock declines: Blue Owl Capital down 5.93%, Blackstone down 5.37%, Apollo Global Management down 5.21%, Ares Management down 3.08%, and Brookfield down 2.68% [4] Software Industry - The software sector also showed weakness, with notable declines in stocks such as Cadence Design Systems down 2.76%, SAP down 2.41%, Intuit down 2.06%, and ServiceNow down 1.33% [4] - Concerns about artificial intelligence potentially disrupting the software industry were highlighted, with Mistral AI's CEO stating that over 50% of enterprise software could be replaced by this technology [4] Energy Sector - Energy stocks mostly rose amid ongoing tensions between the U.S. and Iran, with ConocoPhillips up 0.97% and Chevron up 0.49% [5] Retail Sector - Walmart's stock fell by 1.38% after the company provided a fiscal year profit guidance that fell short of market expectations, overshadowing its better-than-expected fourth-quarter results [5] Technology Stocks - Major tech stocks had mixed performances: Nvidia down 0.04%, Apple down 1.43%, Alphabet down 0.13%, Microsoft down 0.29%, Amazon up 0.03%, Meta up 0.24%, and Tesla up 0.12% [6][7] Chinese Stocks - The LiFeng Chinese stock index fell by 0.54%, and the Nasdaq Golden Dragon China Index decreased by 0.35% [8] - Popular Chinese stocks mostly declined, with Bawang Tea down 2.5%, Trip.com down 2.28%, Alibaba down 0.96%, and Pinduoduo down 0.94% [8] Company News - Amazon surpassed Walmart to become the highest-grossing company globally, reporting $717 billion in sales for the fiscal year ending December, compared to Walmart's $713.2 billion [9] - AMD announced it will support a $300 million loan to Crusoe, backed by chip products [10] - Hims & Hers Health is acquiring Australian digital health company Eucalyptus for up to $1.15 billion, which boosted its stock by approximately 7% in pre-market trading [11] - Yorkville America Equities LLC announced plans to acquire the Point Bridge America First ETF, focusing on investments aligned with former President Trump's "America First" ideology [12] - BE Semiconductor Industries reported fourth-quarter revenue of €166.4 million, exceeding analyst expectations, and projected a revenue growth of 5%-15% for the first quarter [13]

Market Overview - The S&P 500 experienced a decline of approximately 0.6%, primarily driven by a drop in big tech stocks, which fell about 0.7% [1][2] - The VIX index is trading with a 20 handle, indicating increased market volatility [1] - The 10-year Treasury yield is currently at 4.07% [2] Geopolitical and Economic Factors - U.S. military buildup in the Middle East has raised speculation about a potential attack on Iran, dampening market sentiment [2][3] - The trade deficit in the U.S. has reached its widest level in modern history, with tariffs failing to narrow it or boost domestic manufacturing [4][36] Company-Specific Insights - Blue Owl, an asset manager, has faced investor withdrawals from one of its private credit funds, negatively impacting its stock and those of peers like Apollo, Blackstone, and KKR [3] - CRH, a building materials giant, reported adjusted revenue in line with estimates and is actively involved in over 100 data center projects across the U.S., indicating strong demand in this sector [19][21] Investment Strategies and Trends - There is a focus on diversifying within the AI theme, with an emphasis on AI infrastructure as a key area for growth [10][11] - Emerging markets (E.M.) are being considered as a source of diversification and earnings growth, with significant inflows noted [11][12] - Companies are advised to invest in defensive AI sectors, such as semiconductors and hardware, to mitigate risks in the current market environment [15][16] Economic Outlook - The upcoming GDP report is expected to show strong growth, with significant investment in the economy contributing to this outlook [36][40] - Wage growth has been broad-based, particularly in manufacturing, indicating a positive economic trajectory [44][50] Corporate Actions and Market Reactions - Bank of America plans to commit $25 billion to private credit deals, reflecting a strategic shift in its investment approach [34] - Walmart's shares have seen a decline despite strong performance, attributed to cautious earnings forecasts amid a challenging economic backdrop [67][70]

Market Overview - Technology stocks dragged down US markets, halting two consecutive days of gains for major indices. The financial sector led the decline in the S&P 500, with asset management firm Blue Owl dropping nearly 6% after restricting fund redemptions. Walmart's annual guidance was disappointing, leading to a drop of over 1%. Apple fell more than 1%, underperforming among the "Tech Giants" [2][3] - European stock indices and the UK market fell from record highs, with Airbus dropping nearly 7% and Renault over 3% due to poor earnings guidance. Conversely, Nestlé's positive outlook led to a nearly 4% increase in its stock [2] - Following US unemployment data, Treasury yields approached recent highs, and the dollar rose above 98, reaching a four-week high. The offshore yuan fell for three consecutive days, dropping over 100 points to breach 6.90. Bitcoin briefly dipped below $66,000 before rebounding over 2% [2] Key News - Trump stated that the US and Iran must reach a meaningful agreement, warning of "bad things" if not achieved within the next ten days. Netanyahu emphasized Israel's readiness to act alongside the US against Iranian threats [3][7] - Blue Owl Capital's restriction on redemptions and loan sales raised concerns about the $1.8 trillion private credit market, causing its stock to drop about 10% intraday [3][10] - Nvidia's CEO Jensen Huang previewed unprecedented chip products, with the next-generation Feynman architecture expected to be a focal point. Huang urged timely delivery of HBM4 chips from SK Hynix [3][11] - Samsung and SK Hynix are adjusting strategies, with plans to expedite production schedules for new storage factories due to AI data center expansion leading to supply shortages. Samsung's stock surged to an all-time high amid reports of a 30% price increase for HBM4 chips [3][11] - OpenAI is finalizing a new funding round with an estimated valuation of $830 billion, aiming to raise up to $100 billion, with significant investments expected from SoftBank, Amazon, Nvidia, and Microsoft [3][12] - Foreign investment in Japanese stocks reached the highest weekly net purchase since 2014, driven by fiscal expansion plans and a weak yen benefiting exporters [3][12] Market Closing - US markets closed with the S&P 500 down 0.28% at 6861.89 points, the Dow Jones down 0.54% at 49395.16 points, and the Nasdaq down 0.31% at 22682.729 points. European STOXX 600 index fell 0.53% to 625.33 points [4] - In the bond market, the yield on the 10-year US Treasury fell by 0.96 basis points to 4.0731%, while the 2-year yield rose by 0.62 basis points to 3.4657% [4] - WTI crude oil futures rose by 1.90% to $66.43 per barrel, and Brent crude rose by 1.86% to $71.66 per barrel. Spot gold increased by 0.42% to $4998.50 per ounce [4]

There are huge tailwinds propelling financial services firms. Vestwell is one that’s clearly enjoying the breeze. The New-York based workplace savings fintech just raised $385 million in Series E funding with Blue Owl Capital and Sixth Street Growth leading the round. The haul more than doubled Vestwell’s total fundraising to $660 million, with participation from new and existing investors including Neuberger Berman, Morgan Stanley and Franklin Templeton. The infusion will be used, in the words of the fir ...

>> THIS IS "BLOOMBERG BUSINESS WEEK DAILY." REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS STAY AHEAD, WITH INSIGHT ON THE PEOPLE, COMPANIES, AND FRIENDS SHAPING TODAY’S COMPLEX ECONOMY. PLUS GLOBAL BUSINESS, FINANCE, AND TECH NEWS AS IT HAPPENS. "BLOOMBERG BUSINESS WEEK DAILY" WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS.CAROL: VERY GOOD AFTERNOON, EVERYBODY, ACROSS BLOOMBERG PLATFORMS. I GOT TO SAY, TIM, HERE WE ARE, THURSDAY, FEBRUARY 19 ...

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Graham Bell taking you through to that closing bell with a global simulcast. Carol Massar and Tim Stenovec join us right now.Welcome to our audiences across all of our bloomberg platforms, television, radio. Our partnership with youtube, a bit of a flip flop from what we saw yesterday. Carol Massar With stocks on the back foot, though, some of this seems to be tied to fears about what might be going on over ...

Core Viewpoint - Blue Owl Capital is experiencing significant stock weakness, with shares down 10% following a call where the CEO discussed changes in redemption methods and the cancellation of a planned merger [1][12]. Group 1: Redemption Changes - The company is changing its redemption method, opting to accelerate redemptions instead of resuming the previous five percent tendering of shares [1]. - Investors will receive 30% of their capital at book value within the next 45 days, which is six times the previously anticipated five percent [2]. - The CEO expressed confidence that investors will remain satisfied if the company continues to manage their capital effectively [3]. Group 2: Merger Cancellation - Blue Owl announced the cancellation of the merger between its two private credit funds, which was initially intended to combine the smaller OBDC II with the larger OBDC [4][5]. - The decision to terminate the merger was based on market reactions and the conclusion that it no longer made sense, despite the potential benefits of scale [6]. Group 3: Asset Sales - The firm announced the sale of a portfolio of OBDC II assets at book value, totaling $600 million, which represents approximately 35% of the fund's total assets [7]. - In total, $1.4 billion of assets are being sold, including $400 million from OBDC, due to significant demand from institutional investors [8]. Group 4: Portfolio Performance - The firm's portfolio has a strong focus on software, which has performed well, with borrowers in the software portfolio seeing revenue growth of 10% and EVIDAC growth of 16% in the fourth quarter [9][10]. - The company plans to take a discriminating approach towards new software loan purchases, maintaining that software is a significant sector but a relatively small percentage of the overall fund [11].

Group 1: ETF Industry Overview - The global ETF industry is valued at $21 trillion, with a notable surge in oil prices impacting market dynamics [1] - ETFs are currently experiencing inflows of $8 billion per week, surpassing last year's pace of $6 billion [2][3] - The trading crowd is showing interest in international and emerging markets ETFs, while some funds like SLV and GLD are seeing outflows [3] Group 2: Performance of Specific ETFs - The IGV software ETF has seen a significant decline of 22% this year, indicating vulnerability in the software sector, particularly related to AI [4] - The JAAA ETF, launched by Janus Henderson, has absorbed $2.7 billion in assets year-to-date, reflecting strong institutional demand [10][11] - The Freedom 100 Emerging Markets ETF (FRDM) has outperformed traditional emerging market indices, with a 100% return over five years [46][49] Group 3: Market Trends and Investor Behavior - There is a shift in investor focus towards commodities, particularly energy, as geopolitical risks become more pronounced [21][23] - The trend of rising expense ratios in ETFs is noted, particularly with the increase in active ETFs, which tend to have higher fees [20] - Investors are increasingly looking for diversified exposure in their portfolios, moving away from single commodity investments [22][24]