Click the chart to track Wells Fargo's stock.
NEW YORK (CNNMoney) -- Bank stocks continued to put pressure on the broader stock market Monday.
The Financial Select Sector SPDR ETF (XLF) fell 2%. JPMorgan's (JPM, Fortune 500) disappointing earnings from last week were followed by contradicting reports from Citigroup (C, Fortune 500) and Wells Fargo (WFC, Fortune 500).
Citigroup managed to beat the already lowered Wall Street's estimates. The third largest U.S. bank by assets reported quarterly EPS of 84 cents vs a consensus for 81 cents.
The stock gapped up 2%, but the initial strength quickly faded as investors realized that a substantial portion of Citi's bottom line comes from accounting benefits in the face of credit valuation adjustments of $1.9 billion.
Wells Fargo's earnings fell just one cent below the consensus estimates (73 cents).
The largest U.S. home loan provider's net income grew 22% compared to the same quarter last year, despite sales dropping more than 6%. Shares of the financial giant fell more than 6% on the news.
These are some of the popular themes on StockTwits this Monday:
ReformedBroker: Citi's new accounting gimmick whereby earnings grow as a function of its own suckitude is absolutely adorable $C
The_Real_Fly: If you are buying $C on these accounting fraud numbers, you're nuts. The business is dead
RSDtrading: Credit adjustments and accounting rules essentially doubled $C earnings. I'm still holding $C short as this is just an accounting quirk.
kcbill: Bad Bank Up Good Bank Down....get in the bathtub $C $WFC
firstadopter: $WFC call: "revenue was challenged this quarter.. no urgency to do something" good answer, they won't do risky business just to make revenue
ericjackson: If you don't think banks' numbers are a black box, listen to people try to interpret their earnings the moments after getting them $C $WFC 
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