New York, Feb 24, 2026, 09:12 ET — Premarket
- StepStone shares slipped again, lately off roughly 12% at $43.94 following Monday’s drop.
- Uncertainty over new tariffs and fresh AI disruption worries are on traders’ minds before the U.S. cash open.
- Private-credit is flashing some stress, with a ratings agency citing a pick-up in defaults and more downgrades on the radar. Investors are taking note.
StepStone Group Inc shares slipped another 12.3% to $43.94, extending the steep drop from the previous session and putting the private-markets firm under renewed pressure heading into Tuesday.
This shift lands at a time when investors can’t seem to decide between piling into risk or heading for the exits, putting alternative-asset managers right where the mood swings hit hardest. Lately, tariffs, shifting rates, and every fresh AI headline have been steering that sentiment.
The timing hits as traders weigh how softer growth or tighter financial conditions could play out in private markets. Valuations there tend to react more slowly than public equities, yet funding costs don’t pause for anyone.
Wall Street took a hard hit Monday, closing deep in the red. Financials tumbled 3.3%. Software names also got knocked lower, rattled by renewed AI disruption concerns. “You’ve seen the market react to headlines, it’s ‘sell first, assess later,’” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. Reuters
U.S. stock futures edged higher early Tuesday, with investors eyeing a crowded calendar. President Donald Trump’s State of the Union is set for later today, and Nvidia’s closely watched earnings are due after Wednesday’s close. “The market doesn’t only have one particular worry,” noted Peter Cardillo, chief market economist at Spartan Capital Securities. Reuters
Tariffs have taken the spotlight again. A fresh 10% U.S. tariff on most imports kicked in Tuesday—Trump had previously tossed out a 15% figure, leaving traders to puzzle over when and if it would land. “Because the next thing that he (Trump) could do is always… endlessly extend by 150 days,” said Carsten Brzeski, global head of macro at ING. Reuters
Private credit isn’t moving in sync with other markets. This year, Morningstar DBRS flagged a further deterioration in private-credit quality: in February alone, downgrades outnumbered upgrades by more than three to one. Default rates climbed to 4%, up from last year’s 3.2%. “Software developers’ results were affected for some years, but companies that invested were able to complete the transition and improve earnings later,” said Michael Dimler, senior vice president for private credit ratings at Morningstar DBRS. Reuters
StepStone handles investments spanning private equity, infrastructure, private debt and real estate, and said it oversaw roughly $811 billion in total capital as of Dec. 31, 2025. That figure includes $220 billion in assets under management. The board has approved a quarterly cash dividend of $0.28 per share, with payment set for March 13 to holders registered as of Feb. 27.
STEP holders get a clear line in the sand with the Feb. 27 record date—a rare company-specific moment in a week jammed with Washington news and AI-fueled swings.
The risk here isn’t hard to spot. A fresh tariff shift, or a sharper stumble in private-credit sentiment, could keep the squeeze on financials and alt-asset plays—particularly those high-beta names investors like to chase.
