While investment bankers twiddled their thumbs, traders printed money faster than the Fed during a crisis. After the first full quarter since Trump’s “Liberation Day,” big banks delivered earnings beats that should’ve sparked celebration. Instead, stocks tumbled anyway, suggesting it wasn’t enough to reignite Wall Street’s rally.

• Tariff chaos proved lucrative as equities desk revenue at Goldman SachsGS
  , Morgan StanleyMS
  , and Bank of AmericaBAC
  climbed 36%, 23%, and 10% from last year, respectively.
• That same volatility impacted investment banking fees asBAC
  ’s andMS
  ’ divisions dropped 9% and 5% from last year, respectively — thoughGS
  bucked the trend with a 26% surge.

Regional rescue: PNCPNC

emerged as the lone bright spot, initially surging 2.2% post-earnings before yielding to broader selloffs. The Pittsburgh bank’s revenue climbed 4.6% as “strong loan … growth” signaled regional banking strength. Otherwise,BAC

’s CEO Brian Moynihan attempted to project economic confidence, saying “consumers remained resilient, with healthy spending.” Still, it hasn’t been enough to convince investors that stellar trading performance could justify lofty valuations.