Bank of America Falls 5.7% as CEO Guides Q3 Trading Revenue Roughly Flat

A flat trading-revenue guide from a top-tier bank is a signal that the capital-markets engine isn't compounding the way equity investors had priced in, and the market's reaction shows how little tolerance there is for that message. The read-through extends beyond Bank of America: if trading desks across peers are similarly plateauing, the earnings narrative for the sector shifts from growth to resilience. Whether this is a company-specific pause or a broader slowdown in market activity is the open question, and the next batch of bank disclosures will be the first real test.