Still In A Spooky Place

By Lori Calvasina
Published October 24, 2023 | 7 min listen

Today in the podcast, we take a deep dive into the outlook for the US equity market from the S&P 500 all the way down to Small Caps. Three big things you need to know: First, we are sticking with our YE2023 S&P 500 price target of 4,250. Though upside risks remain, downside risks have grown, the outlook has become cloudier and we don’t think the pause in the S&P 500 rally that we called for in early August is done yet. Second, we continue to believe that Large Cap Growth is in need of a tactical correction, but we also acknowledge its longer-term fundamental appeal which is why we think the leadership transition has been so tough. Third, Small Caps remain intriguing from a valuation and earnings perspective, but have been dragged down by balance sheet concerns, rising bond yields, and lingering economic angst.

Disclosures and Disclaimers


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Lori Calvasina

Lori Calvasina
Managing Director & Global Head of Equity Strategy, RBC Capital Markets


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