Shares of banks and other financial institutions fell as rising recession risks cooled optimism about earnings prospects.

Shares of Wall Street investment firms such as KKR and Apollo Global Management had soared in the wake of KKR's earnings report early in the week after the leveraged-buyout giant's executives described 2024 as a "sweet spot" year for dealmaking.

Shares of both firms finished the week with double-digit percentage losses.

Similarly, Goldman Sachs Group, which had rallied on hopes of a boom in mergers-and-acquisitions and securities trading, lost almost 6% on Friday as the mood soured.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

08-02-24 1735ET