Just checked the Canadian markets and yeah, bank stocks are taking a real hit today. The TSX Composite is down about 0.35% and you can see it across the financial sector - Laurentian Bank down 5.7%, Canadian Western Bank down over 5%, and even CIBC sliding 3.2%. Honestly not surprised given what we're seeing.

So here's what's weighing on things: GDP came in at 1.7% growth for early 2024, which sounds okay on paper but totally missed what people were expecting. That's the main thing spooking investors right now. You've got the Bank of Canada potentially cutting rates in June, which should be positive, but the weak growth data is overshadowing that.

The earnings reports from the banks aren't helping either. Laurentian reported a pretty rough quarter with a net loss of C$117.5 million, way different from their C$49.3 million profit last year. Meanwhile some of the other banks like Canadian Western actually beat estimates with earnings up 9%, but the market's still punishing the whole sector. Materials and tech are bleeding too, but Canadian bank stocks are definitely the story today. Watching to see if this weakness continues into next week.