Catching Up
By Lori Calvasina
Published November 15, 2021 | 6 min listen
This week in the podcast, we review our latest thoughts on the broader US equity market outlook. The big things you need to know: First, last week we moved our 2022 S&P 500 target up by ~3% to 5,050 from 4,900, adjusting our forecast for the bigger than expected move we’ve seen in the index as 2021 starts to wind down and the latest updates in our models. We continue to see 2022 as a solid year for the US equity market, but with more moderate gains than we’ve experienced in 2021. Second, we highlight how inflation has helped prop up US equity positioning, making it tough to be too bearish on US equities in the wake of last week’s higher than expected CPI print. Third, we discuss the breakout that Small Caps are attempting in November, and reiterate our view that Small Caps and Value are likely to see another burst of outperformance between now and mid 2022.
Lori Calvasina
Managing Director & Head of U.S. 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.
Lori CalvasinaMarkets in Motion PodcastRBC PodcastUS Equity Market