Tech Valuations, Sentiment Update, Small Caps At An Important Crossroads
By Lori Calvasina
Published March 29, 2023 | 6 min listen
Today in the podcast, we have updated thoughts on sectors, sentiment, and small caps. Three big things you need to know: First, S&P 500 Tech sector valuations have room to run, while EPS and revenue revisions have turned slightly positive – supporting our continued overweight on the sector. Second, the body of our sentiment work continues to suggest fear has been approaching potential peak levels, but falls short of providing US equity investors with an all-clear. Third, other things that jump out from our high frequency indicators include how economic and earnings forecasts continue to anticipate a 2024 recovery, the return of high quality leadership, and how Small Cap performance relative to Large Cap is at an important crossroads.
Lori Calvasina
Managing Director & Global Head of Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
Equity MarketLori CalvasinaMarkets in MotionRBC Podcast