Podcast
RBC's Markets in Motion
Hosted by RBC Capital Markets · EN
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
27episodes
Episodes
Newest firstAll episodes
Mid-Year Outlook Update
4d ago00:06:55Tap to summarizeThe 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 upcoming reporting season, noting that the bar seems high from a data perspective.Third, the latest Duke CFO survey pointed to a slight downtick on economic optimism but a slight uptick on optimism on the outlook for one’s own company.
Transcribe →Down the Valuation Rabbit Hole
3w ago00:06:35Tap to summarizeTwo 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.
Transcribe →The Time is Now – We Need Your Help
3w ago00:01:41Tap to summarizeIt’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 why we think we’ve earned it this year. To vote go to: https://www.extelinsights.com/support/voting-helpAll-America ResearchMacroPortfolio StrategyRBCLori Calvasina5 starsEvery vote counts! This category has a number of excellent strategists, and the rankings among the top 10 can be very tight. Please participate if you consume strategy work. If you already voted for us – thank you for your support!
Transcribe →From Rotation to Derisking
4w ago00:08:21Tap to summarizeThe 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 supports the idea that risks of a tier 1 pullback have risen, and the sharp drop in Small Caps on Friday on interest rate fears.
Transcribe →Investment strategy through the ‘up crash’ and beyond
4w ago00:19:02Tap to summarizeRBC’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 Hedge Fund sales team who moderated the discussion) and Amy Wu Silverman (Managing Director and Head of Derivatives Strategy) to discuss the outlook for the US equity market and other key macro issues including inflation.Two big things you need to know:First, Lori and Amy review how the US equity market rally seems late innings in some respects, but is not making clear signs of a top and why there could still be room to run.Second, they emphasize inflation as a key risk factor, and how it factors into the equity market outlook and positioning.
Transcribe →Earnings Sentiment Broadens Out
Jun 100:04:35Tap to summarizeThe 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 may reflect the broadening out of improving earnings sentiment and valuations that have started to look frothy for mega cap Growth on some metrics.Third, stock market optimism improved in the latest Conference Board survey, a bright spot in the consumer narrative and a data point that alleviates some of our near-term pullback concerns.
Transcribe →Everything in Moderation
May 2700:08:34Tap to summarizeThe 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 updates include a move up in the median NTM P/E for the biggest market cap names in the S&P 500 (which also adds to risk of a near-term pullback).
Transcribe →London Fog
May 1800:06:03Tap to summarizeThe 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 market, a pick up in the rate of upward EPS estimate revisions for the S&P 500 as reporting season slows down, and the signal we’re currently getting from S&P 500 and Russell 2000 forward P/Es – things are moving up but aren’t universally back to their 2025 and early 2026 highs.
Transcribe →Positivity Isn’t Always Naivete
May 1100:22:31Tap to summarizeIn 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 complacency narrative through both an equity and rates lens, unpacking whether risk assets are fully pricing the range of Iran conflict outcomes or looking past risks that haven't fully materialized yet. We also dig into what a Warsh-led Fed means for forward guidance, dissent, and market volatility, and what the shifting policy backdrop means for how investors position across equities and rates.
Transcribe →Baking in a Two-Speed Economy & EPS Backdrop into Our S&P 500 Forecast
May 800:05:35Tap to summarizeThe 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 over non-US, and like Small Caps (but not as much as Large Cap Growth).Our sector views are mostly unchanged, but we have lowered Health Care to market weight from overweight. Third, we run through the strong stats from 1Q26 reporting season.
Transcribe →