Big Bank Earnings Top Estimates But Stocks Slide on Cautious Tones About Impact of High Rates

JPMorgan, Citi, and Wells Fargo reported Q1 results topping estimates, but bank stocks slid on cautious tones about high rates
JPMorgan kept $90B net interest income outlook despite rate hikes, signaling continued pressure on deposit pricing
Wells Fargo also maintained guidance of 7-9% decline in net interest income rather than raising it
Investment banking activity saw strength across the banks, sparking some optimism though M&A remained challenging
Positive on Citi's transformation, including maintained $80B revenue outlook and good credit performance