US CPI Beat Lifts Rate Bets; S&P 500 Falls 0.5%, BofA Drops 8%

The macro and earnings shocks are hitting the same session, which matters because it muddies the read-through: it is hard to isolate how much of the bank weakness is rate-driven versus company-specific. The scale of BofA's drop, its largest in roughly a year, signals that bank earnings are being judged harshly against a higher-rate backdrop. Whether the memory and optical selloff is sympathy or a genuine repricing is the open question.