Squawk on the Street Stocks After the "Trump Rally," Oil Rebounds, Private Credit: Apollo and Ares Curb Redemptions 3/24/26
Mar 24, 2026
Markets pull back after a Trump-fueled rally while crude oil rebounds on Iran risk and supply constraints. Alternative asset managers curb private credit redemptions, rattling the sector. AI themes dominate with Nvidia's data center power, OpenAI's enterprise path, and debate over multiple AI leaders coexisting. Corporate moves and takeover skirmishes spice up the market narrative.
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Political Comments Can Create Short Lived Market Moves
- After President Trump's comments about constructive talks with Iran, markets rallied but quickly pulled back, showing how political statements can create volatile one-day moves.
- Jim Cramer calls this a "Trump put," warning selling runs into the president's market-supporting remarks.
Oil Market May Be Underpricing Physical Supply Risk
- Chevron CEO Mike Wirth warned that physical supply disruptions, like a Strait of Hormuz closure, aren't fully priced into futures curves.
- David Faber echoed Wirth, noting regional refinery and supply mismatches could tighten physical markets beyond paper prices.
Private Credit Funds Use Gates When Redemptions Spike
- Apollo and Ares gated redemptions after investor requests exceeded their quarterly redemption limit, highlighting structural liquidity features in private credit funds.
- Both firms honored roughly a 5% quarterly redemption window while denying larger outflows when requests hit ~11%-12% of assets.