Financial stocks slide as markets price in higher odds of a Fed rate hike this year

Shares of financial companies fell after the Federal Reserve held rates steady on Wednesday, as investors interpreted the decision as tilting hawkish and raised the perceived odds of a hike this year. Separately, individual investors stepped up redemption requests from once-hot private credit funds in the second quarter. Redemption requests at four large credit funds totaled about $12 billion in the second quarter, up from $7.7 billion in the prior quarter, according to Robert A. Stanger & Co. data. The report referenced the Dow Jones Industrial Average as a broad-market gauge affected by the move.