JPMorgan just crushed Q1 earnings expectations, powered by a monster trading quarter. The firm's trading desk absolutely fired on all cylinders, delivering the kind of numbers that had Wall Street sitting up and paying attention.

But here's the catch—investment banking revenue took a hit. Dealmaking activity remained sluggish, and that weakness ended up dragging on the stock. So while traders were printing money, the M&A side of the business couldn't keep up the pace. Classic story: one unit carries the team, another one stumbles. The market noticed, and investors got a reminder that even solid overall results can get mixed reviews if key segments don't play ball.