JHVEPhoto/iStock Editorial via Getty Images State Street (NYSE:STT) shares are dipping more than 5% Thursday afternoon, making it the biggest decliner in the S&P 500, as the company's earnings call disappointed investors. Sees Q2 fee revenue down about 2% on a sequential basis, according to the call. Meanwhile, first-quarter results on Thursday came in better than expected as rising interest rates helped boost net interest income. STT stock rose slightly after the upbeat earnings release premarket, but selling pressure took hold during the call midday. Q1 net interest income of $509M climbed from $484M in Q4 2021 and $467M in Q1 2021. Fee revenue was $2.57B in Q1, up from $2.51B in Q4 2021 and $2.48B in Q1 a year ago, reflecting growth in management fees, front office software and data, as well as foreign exchange trading services. FX trading services revenue of $359M jumped from $300M in Q4 2021 and $346M in Q1 2021. Q1 EPS of $1.57 topped the $1.48 consensus compared with $1.78 in Q4 2021 and $1.37 in Q1 2021. Return on average common equity of 9.5% vs. 10.3% in Q4 2021 and 8.4% in Q1 of last year. Expenses were $2.32B compared with $2.33B in Q4 2021. Earlier, revenue of $3.08B beat the $3.03B estimate.