RBC's Markets in Motion

The big things you need to know: First, across the globe our analysts are constructive on performance over the next 6-12 months and see attractive valuations in the industries they cover. Second, Europe and Canada captured the most optimistic performance outlooks among our four coverage regions, but the US was not far behind. Third, our Canadian and US analysts expressed a favorable view of their...

The big things you need to know: First, we are lifting our 12-month S&P 500 price target to 8,150 from 7,900. We also think the recent outperformance of non-US developed markets and value could last a bit longer but ultimately expect equity market leadership to return to the US and big cap growth after the recent valuation problem is resolved. Second, we run through our thoughts on the upcomin...

Two big things you need to know: First, forward P/Es have generally been de-frothed, but haven’t looked deeply compelling for the major US indices. Second, the valuation case for the broadening trade still has some room (Small Caps, certain cyclical sectors, non-US developed market equities), but requires close monitoring.

It’s been a year, and it’s only June. We built a framework to help investors navigate the fear and stuck with our constructive longer-term view. If you’ve found our research, and this podcast, helpful, we’d appreciate your vote in the Extel (formerly II) All America Research survey. Voting is open and closes this Friday, June 12th – please cast your vote now. Here is a one-minute video explaining...

The big things you need to know: First, lingering concerns about interest rates and the Fed flared up on Friday after a surprisingly strong NFP report. We run through our thoughts on why this hit the Nasdaq so hard and note that risk of a tier 1 / garden variety pullback (5-10% from peak) has risen in the near term. Second, other things that jump out include the recent drop in bitcoin, which suppo...

RBC’s Markets in Motion is the weekly podcast from Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, highlighting her latest views on the US equity market. This is a special edition of the podcast recorded live from the RBC Global Energy Power and Infrastructure Conference in New York on June 3rd, 2026. Lori teamed up with Callie Simpkins (Managing Director on RBCCM’s Cross Asset...

The big things you need to know: First, earnings sentiment (the rate of upward EPS estimate revisions) is now improving broadly within the equity market, which we think opens the door for a short-term pause in mega cap Growth leadership within the US and US leadership within global developed markets equities. Second, the Growth/Value trade within Large Cap has turned choppy again, which we think m...

The big things you need to know: First, we think the recent pick up in 10-year yields raises the risk of a tier 1 (5-10%) pullback in the S&P 500 in the short-term, but does not alter our longer-term constructive view on the S&P 500. Second, it was business as usual at the RBC Health Care conference last week in terms of company commentary. Third, other things that jump out from our latest...

The big things you need to know: First, the investors we met with this past week, in our trip to London and Switzerland, were keen to explore other opportunities in US equities beyond Semis/Tech/AI, but had difficulty envisioning what those were. Second, we highlight continued outperformance of high price momentum in our factor work and what we’re seeing in our valuation work for this part of the...

In this special cross over edition (originally recorded for the RBC Capital Markets Macro Minutes podcast), Lori joins Blake Gwinn, Head of RBC Capital Markets US Rates Strategy in a conversation on US equities, US rates, and the Fed. What we discuss: Equity markets keep hitting all-time highs. Rates markets are telling a more cautious story. So which one has it right? In this episode, we examine...

The big things you need to know: First, we have lifted our 12-month-forward S&P 500 price target to 7,900, which represents a 7.7% gain from the May 7th close. In adjusting our forecast, we are focusing on our valuation/EPS model, which does the best job of baking in a two-speed economy and earnings backdrop. Second, on bigger-picture positioning, we continue to prefer Growth over Value, US ov...

The big things you need to know: First, US equity market valuations are on the rise, but don’t look topped out yet. We remain constructive on the US equity market in the year ahead, recognizing that the path may not be linear. Second, last week’s earnings reports continued to point to resilient outlooks with a dose of caution fueled by a strong start to the year, highlighted challenges to consumer...

The big things you need to know: First, the three things that stuck out to us in our review of earnings calls last week included outlooks that emphasized resiliency but contained a dose of caution, the conversation on Iran war impacts (present and future) getting underway, and descriptions of cautious but stable consumers. Second, with US equities breaking out to a new 2026 high relative to non-US...

The big things you need to know: First, our analysts were generally constructive aside from the war. Second, our survey results reiterate the idea that the US is seen as a safety trade due to greater war resiliency, and that Europe does not necessarily present as a better alternative despite the potential for the US to lag if/when war fog clears. Third, we review the most interesting sector tidbit...

The big things you need to know: First, despite the strong rebound in the US equity market, investor sentiment remained subdued last week. This signals to us that there is room for US equities to run and climb a wall of worry. Second, 1Q26 reporting season got off to a strong start last week, evidenced by a sharp pickup in the percent of companies beating consensus EPS forecasts and reassuring com...

The big things you need to know: First, our 12-month S&P 500 price target remains 7,750, and we assume the index has put in a fragile, foggy bottom. Second, we run through our thoughts on what we’re hoping to learn more about in the upcoming reporting season. Third, other things that jump out include how 2026 EPS growth forecasts for most sectors have been frozen since the start of the war, an...

The big things you need to know: First, the tactical indicators we’ve been tracking to gauge when equity investors’ fears may have gone too far continue to show signs of significant deterioration but are not yet pointing to extreme fear suggesting more downside in stocks remains possible in the near term. Second, other things that jump out include new stress tests on our valuation/EPS model, the l...

The big things you need to know: First, we review our key takeaways from our review of March company commentary on the Middle East conflict on EPS calls and in conference presentations. What we read adds to our understanding of why the US equity market has been fairly resilient since the Iran strikes, and also leads us to believe that it may simply take more time for the equity community to fully...

The big things you need to know: First, in tandem with the 5% decline in the S&P 500, investor and consumer sentiment have slipped in recent updates as investors have digested the possibility of a longer conflict in Iran and consumers have started to notice higher gas prices. Second, we review our macro takeaways from RBC’s Financial Institutions conference, where we detected echoes of the lin...

This week, we are excited to bring you a special edition of the podcast, a recording of a panel done by Lori Calvasina (Head of US Equity Strategy), Helima Croft (Head of Global Commodity & MENA Research), and Frances Donald (Chief Economist, Royal Bank of Canada) on March 10th, 2026, at the RBC Financials conference in NYC. The team discussed recent events in the Middle East and the implicati...

The big things you need to know: First, we review the results of a survey we conducted of RBC’s equity analysts on the conflict in Iran, which helps explain the resilience we’ve seen in the S&P 500. Second, the valuation and sentiment barometers we’re tracking point to room for further downside in the S&P 500 in the near-term in absolute terms, while our work on US valuations vs. other glo...

The big things you need to know: We run through five things we’re thinking about regarding recent developments in the Middle East from a stock market perspective. Then, we wrap up with a few things we’re watching in terms of general stats to help us know when the recent risk off mood in markets may have played out.

The big things you need to know: First, the stock market is still experiencing a growth scare, in our view, where it is attempting to stabilize. We see more downside if recession is priced in. Second, we review how the process of resetting EPS expectations has begun, and run though key themes from the early reporters and companies that have presented at conferences since the Rose Garden. Our overa...

The big things you need to know: First, we review our stance on Small Caps. We had a little more love for them coming into Valentine’s Day weekend due to better fundamentals, but still see challenges that raise the bar for further outperformance (less appealing positioning and valuations, plus continued linkage to evolving views on the Fed). Second, other things that jump out include more evidence...

The big things you need to know: First, we run through our thoughts on last week’s choppy price action in the S&P 500 and reiterate our 7,750 12-month-forward S&P 500 price target. Second, we update the stats we’re tracking for 4Q25 reporting season, which generally bounced back in our latest update but remain weaker than what we’ve seen in past reporting seasons.