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.
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