Bank earnings: mixed start.

The first major U.S. bank results are in, and the picture is not moving in one direction.

Goldman Sachs delivered a strong quarter, supported by a sharp rise in equities revenue, while Citigroup also reported its strongest third-quarter revenue in a decade. JPMorgan and Wells Fargo, meanwhile, showed a more mixed set of results versus expectations.

That contrast matters because bank earnings can provide clues about trading activity, lending conditions, consumer demand and the broader financial environment.

For markets, the focus now shifts from expectations to what these results may say about the strength of the financial sector going forward.

Strong results in some places. Pressure still showing elsewhere.