Our regular podcast from Lori Calvasina, Head of US Equity Strategy, that brings a fresh perspective and nuanced, data driven view on the forces shaping U.S. equity markets. Disclaimer: https://www.rbccm.com/en/policies-disclaimers.page
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Sep 28, 2026 · 8:07
The big things you need to know: First, we reviewed the drawdowns in the S&P 500 of 11% or more dating back to 1956, an exercise that helps to clarify why US equities have been…
Sep 21, 2026 · 8:03
The big things you need to know: First, our review of S&P 500 performance during the Fed hiking cycles that have occurred since the mid 1990s reminded us that the stock market…
Sep 10, 2026 · 7:34
The big things you need to know: • First, with the US summer ending and fall getting underway, we refresh our thoughts on the US equity market outlook in terms of both the near…
Aug 20, 2026 · 5:21
The big things you need to know: First, we took a look back at equity market and sector performance in 2H18 and 2H22, around the last two midterm elections. Conditions were…
Aug 12, 2026 · 9:15
The big things you need to know: First, takeaways from last week’s meetings with Australia-based investors, in which our conversations focused on inflation / interest rates / the…
Jul 31, 2026 · 7:37
The big things you need to know: First, valuation opportunity is opening up in the US equity market from a variety of perspectives. Second, in the aftermath of Wednesday’s Fed…
Jul 27, 2026 · 6:39
The big things you need to know: First, the stats for 2Q26 reporting season have continued to come in mixed, arguing for selectivity rather than a leadership rotation, in our…
Jul 21, 2026 · 6:04
The big things you need to know: The big things you need to know: First, the early stats from 2Q26 reporting season look a little mixed as reporting season kicks into high gear.…
Jul 13, 2026 · 6:19
The big things you need to know: First, we are making several changes to our S&P 500 sector views with upgrades to Tech to overweight and Consumer Discretionary to market weight,…
Jul 7, 2026 · 5:11
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…
Jun 29, 2026 · 6:55
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…
Jun 15, 2026 · 6:35
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…
Jun 10, 2026 · 1:41
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…
Jun 8, 2026 · 8:21
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…
Jun 4, 2026 · 19:02
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…
Jun 1, 2026 · 4:35
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…
May 27, 2026 · 8:34
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…
May 18, 2026 · 6:03
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…
May 11, 2026 · 22:31
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…
May 8, 2026 · 5:35
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…
May 4, 2026 · 6:57
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…
Apr 27, 2026 · 7:25
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…
Apr 24, 2026 · 4:25
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…
Apr 20, 2026 · 7:00
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…
Apr 13, 2026 · 7:26
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…
Mar 30, 2026 · 8:01
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…
Mar 22, 2026 · 9:41
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…
Mar 16, 2026 · 6:37
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…
Mar 13, 2026 · 23:23
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…
Mar 9, 2026 · 6:55
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…
Mar 2, 2026 · 6:23
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…
Feb 23, 2026 · 5:36
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…
Feb 17, 2026 · 7:35
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…
Feb 9, 2026 · 8:24
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…
Feb 2, 2026 · 7:20
The big things you need to know: First, reporting season stats have come in “slightly squishy” in our view, suggesting to us that the choppy price action in the S&P 500 of late…
Jan 23, 2026 · 7:38
The big things you need to know: First, the various earnings stats we track point to a sleepy start to reporting season, suggesting to us that geopolitics hasn’t been the only…
Jan 14, 2026 · 9:10
The big things you need to know: First, our thoughts on earnings heading into 4Q25 reporting season – questions we think need answering and stats we’re watching. Second, other…
Jan 5, 2026 · 6:22
The big things you need to know: First, after updating our models for end of year, we are reiterating our 7,750 12-month S&P 500 price target, noting that the signal from our…
Dec 22, 2025 · 5:17
The big things you need to know: First, we are upgrading S&P 500 Health Care to overweight from market weight. Second, we are upgrading S&P 500 Communication Services to…
Dec 8, 2025 · 7:46
The big things you need to know: First, several things that US equity markets have been linked to (breadth, bitcoin, private market fears, Fed cut expectations, consumer…
Dec 1, 2025 · 8:23
The big things you need to know: First, our 12-month-forward price target for the S&P 500 is 7,750, approximately the median and average of five different models that we use,…
Nov 24, 2025 · 6:42
The big things you need to know: First, with the S&P 500 having finally entered what we consider to be tier 1 / garden-variety-pullback territory on Thursday, we review what…
Nov 10, 2025 · 6:04
The big things you need to know: First, earnings sentiment staged a partial comeback last week as the rate of upward EPS estimate revisions for the S&P 500 moved up again…
Nov 3, 2025 · 7:15
The big things you need to know: First, the percent of S&P 500 companies beating consensus EPS forecasts remains well above 2Q25 levels despite slipping a little last week.…
Oct 28, 2025 · 8:04
The big things you need to know: First, 3Q25 reporting season has gotten off to a strong start on beat rates for the major indices, but we are continuing to see deterioration in…
Oct 22, 2025 · 7:33
The big things you need to know: First, solid commentary from the S&P 500 Financials that reported last week helped get 3Q25 reporting season off to a good start, though it was…
Oct 13, 2025 · 7:52
The big things you need to know: First, earnings sentiment has been fading for the broader US equity market and is at a critical juncture for the biggest market cap names and…
Oct 9, 2025 · 4:51
The big things you need to know: First, across all industries and regions, our analysts are constructive on performance over the next 6-12 months. Second, at the global sector…
Oct 6, 2025 · 7:30
The big things you need to know: First, many of the US equity investors we met with last week were frustrated and wary. Second, other things that jump out in our work include a…
Sep 29, 2025 · 9:44
The big things you need to know: First, we review what clients were most interested in talking about on our trip to the UK last week, which included differences between US and UK…
Sep 23, 2025 · 6:41
The big things you need to know: • First, weakness in Homebuilders doesn’t bode well for the recent outperformance of Small Caps. • Second, we’ve continued to see some slippage…
Sep 15, 2025 · 7:57
The big thing you need to know: The big thing you need to know: We are introducing preliminary forecasts for the S&P 500 for 2026 of 7,100 (a 2H26 price target) and $297…
Sep 9, 2025 · 5:48
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. The…
Sep 2, 2025 · 4:44
The big things you need to know: First, 2Q earnings season wrapped up with downward pressure on 2026 sector EPS forecasts & Small Cap operating margin forecasts. Second,…
Aug 20, 2025 · 7:10
The big things you need to know: First, a better longer-term EPS outlook and more resilient operating margin forecasts help explain the recent outperformance of mega cap growth…
Aug 10, 2025 · 7:12
The big thing you need to know: First, with reporting season starting to wind down, Health Care and Tech stand out positively on a few of our earnings-related sector stats.…
Jul 28, 2025 · 3:46
The big thing you need to know: Our overall impression from 2Q25 reporting season is that companies are managing through tariffs fairly well so far, but it’s still too early to…
Jul 21, 2025 · 6:11
The big things you need to know: First, we run through our first impressions from week 1 of 2Q25 reporting season in terms of both the stats and company commentary. Out of the…
Jul 14, 2025 · 7:00
The big things you need to know: First, we are lifting our year-end 2025 S&P 500 price target to 6,250, essentially taking our price target back to where it was in mid-March.…
Jul 3, 2025 · 10:21
The big things you need to know: First, we review the bull thesis that we heard in client meetings last week, and our thoughts on where it could go wrong. Second, we review how…
Jun 30, 2025 · 6:05
Four big things you need to know: First, globally our analysts are constructive on performance over the next 6-12 months. Second, driven in part by our survey results, we are…
Jun 25, 2025 · 2:56
For all my Buy-side friends - If you find our research and podcast helpful, we'd appreciate your vote in Portfolio Strategy in this year's Extel/II survey…
Jun 23, 2025 · 6:32
The big things you need to know: First, solid earnings stats are in place as US equity investors wait for the onset of 2Q25 reporting season. Second, the latest Business…
Jun 16, 2025 · 5:53
The big things you need to know: First, the conflict in the Middle East comes at a complicated time for the US equity market, as our sentiment and seasonality work has been…
Jun 10, 2025 · 5:45
The big things you need to know: First, consensus expectations for 2026 are inching up for S&P 500 EPS in a broad based way, a positive data point for the stock market but a…
Jun 6, 2025 · 30:17
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. In…
Jun 2, 2025 · 7:47
The big things you need to know: First, we are modestly revising our YE 2025 S&P 500 price target, taking it up 3% to 5,730 from 5,550. Our valuation and earnings models drive…
May 19, 2025 · 6:04
The big things you need to know: First, the S&P 500 EPS backdrop has stabilized, but we still anticipate further downward revisions for 2025 S&P 500 EPS. After a preliminary…
May 5, 2025 · 8:21
The big things you need to know: First, it was another week of stabilization on the earnings stats we track, helping to support the recent stabilization in equity market pricing.…
Apr 28, 2025 · 7:42
The big things you need to know: First, earnings sentiment has stabilized a bit, helping stock prices find some footing for the moment. Second, we run through our thoughts on…
Apr 22, 2025 · 6:56
The big things you need to know: First, earnings sentiment is at an important crossroads, with the rate of upward EPS estimate revisions having fallen to 30%. Second, what we…
Apr 14, 2025 · 7:58
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…
Apr 7, 2025 · 8:00
The big things you need to know: First, shortly after midnight on Friday morning, we cut our S&P 500 EPS forecast for 2025 to $258 and our YE 2025 price target to 5,550 – the…
Apr 1, 2025 · 30:39
The big things you need to know: The team tackles some of the top questions in consumer-related conversations today, including what their company and industry level interactions…
Mar 24, 2025 · 6:28
The big things you need to know: First, trends in investor vibes were mixed last week, both in our quant work as well as last week’s investor conversations. Second, the median…
Mar 17, 2025 · 6:49
The big things you need to know: We’ve lowered our YE 2025 S&P 500 price target to 6,200 from 6,600, We’ve lowered our 2025 S&P 500 EPS forecast to $264 from $271. Among other…
Mar 9, 2025 · 24:43
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…
Mar 3, 2025 · 9:39
The big things you need to know: First, we review our basic framework for thinking about drawdowns in US equities, a topic that’s been coming up in client meetings over the past…
Feb 24, 2025 · 7:43
The big things you need to know: First, we found more evidence of weakening investor and consumer vibes in last week’s data updates, while getting a mostly positive data point on…
Feb 18, 2025 · 7:09
The big things you need to know: First, there was very little change last week in the stats we monitor to track reporting season, aside from the continued drift lower in the…
Feb 10, 2025 · 8:25
The big things you need to know: The big things you need to know: First, the earnings backdrop has softened a bit on the stats for the broader US equity market, and has also…
Jan 27, 2025 · 4:56
The big things you need to know: The big things you need to know: First, 4Q24 earnings season looks solid on the stats so far. Second, bulls bounced back in the weekly AAII…
Jan 21, 2025 · 7:19
The big things you need to know: First, the initial batch of 4Q24 earnings call commentary, which is mostly from Financials, highlights the optimism and uncertainty that are both…
Jan 13, 2025 · 7:38
The big things you need to know: First, we review our thoughts on last Friday's jobs report and reaction in the S&P 500 and Russell 2000. Second, with 4Q24 reporting season…
Jan 9, 2025 · 6:21
The big things you need to know: Today in the podcast, an update on our S&P 500 sector outlook for 2025, and the results of the quarterly RBC analyst survey that we just updated…
Jan 6, 2025 · 4:51
The big things you need to know: First, modest downward revisions have returned to bottom-up consensus S&P 500 EPS forecasts. Second, frothy US equity market sentiment has been a…
Dec 24, 2024 · 25:14
The format of this special edition of RBC’s Markets in Motion is a little bit different from what we usually do, and runs a little bit longer than usual. In this episode, Lori…
Dec 9, 2024 · 6:05
The big things you need to know: Three big things you need to know: First, positioning in US equity futures per the weekly CFTC data has taken a tiny hit. Second, consensus US…
Dec 4, 2024 · 5:31
Today in the podcast: Our thoughts on the outlook for the S&P 500 sectors in 2025, with a focus on those where we've made changes to our view. The big things you need to know:…
Nov 26, 2024 · 11:00
Today in the podcast: Highlights from our 2025 US Equity Market outlook, in which we reviewed the top 10 things we’re thinking about as the new year comes into view. We won’t go…
Nov 18, 2024 · 6:12
Three big things you need to know: First, over the past week we’ve become increasingly convinced that a 5-10% pullback in the S&P 500 may have already started. Second,…
Nov 11, 2024 · 5:56
Three big things you need to know: First, earnings season is winding down with a disappointing feel to us on the stats, though it’s admittedly not driving price action right now.…
Nov 7, 2024 · 6:13
Today in the podcast, we run through three things in focus in our conversations following the US election. First, we review the tailwinds for US equities that we’ve been…
Nov 5, 2024 · 8:37
We’ve recorded this on the day of the US Presidential Election, and that’s what we're focusing on today. There are 7 big things you need to know: They focus on the set-up, the…
Oct 28, 2024 · 6:30
Three big things you need to know: First, the early S&P 500 stats are now pointing to a mildly disappointing 3Q24 reporting season so far. Second, a mixed backdrop, the need to…
Oct 21, 2024 · 5:15
Three big things you need to know today: First, the early earnings stats are mixed for the broader market but promising for the rotation trade. Second, company commentary…
Oct 14, 2024 · 5:25
The big things you need to know: First, we’ve done some housekeeping on our S&P 500 EPS estimates for 2024 and 2025, resulting in very modest changes. Second, we highlight the…
Oct 8, 2024 · 4:58
Two big things you need to know: First, globally our analysts are generally constructive on performance, valuations and interest rates, with Materials most in favor and Consumer…
Oct 7, 2024 · 3:31
The big thing you need to know: Small Caps got a boost from the better-than-expected jobs report on Friday, reinforcing our belief that a return of economic tailwinds is the…
Oct 2, 2024 · 6:30
Three big things you need to know: First, our survey results, which are bottom-up in nature and driven by domestic policy views, imply that the event is relevant to US equity…
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