Bank Earnings Day 2 Wrap From Goldman's Fins Desk

It was day 2 of bank earnings, and as Goldman bank specialist Christian DeGrasse writes in his end of day note, "the tape continues to be choppy & heavily influenced by shifting concerns relating to macro & data centers. .. One of those markets where the bulls just can’t catch a break."

He's right: it's been ugly for bank investors who after suffering a dire September when banks plunged, October has seen more of the same despite earnings that were mostly in line (except for Bank of America). As Degrasse describes it "when AI goes higher, Fins often trade lower at a inverse correlation, and when the market gets worried on the AI capex buildout (and what the funding picture looks like from here), the fundamental connection between Financials & capital markets & AI gets reestablished."