Citi’s headline numbers were strong, but investors may be focusing on what comes next: credit costs, loan growth, funding margins and the impact of higher long-term yields. Jamie Dimon’s warning that forces are “shifting under the surface” adds to that caution.

To me, the sell-off does not necessarily mean the results were bad. It suggests expectations were already high and investors are questioning whether current earnings are sustainable.

If banks keep falling despite beats, that becomes more meaningful. It could signal that the market is pricing slower growth or rising credit risk before those pressures become obvious in headline earnings.