Sector update - survey results, flows, US changes

In this episode, an update on our S&P 500 sector outlook for 2025, and the results of the quarterly RBC analyst survey that we updated in late December.

Listen and subscribe on:

Apple PodcastsSpotify PodcastsGoogle Podcasts
By Lori Calvasina
Published January 9, 2025 | 1 min read

The big things you need to know: Today in the podcast, an update on our S&P 500 sector outlook for 2025, and the results of the quarterly RBC analyst survey that we just updated in late December. First, globally – taking into account the views of our analysts in all of our coverage regions -- our analysts tilt constructive on performance, valuations and demand, but have more mixed/neutral views on the US and non-US political backdrops. Second, our work on global equity funds flows highlights how US, growth-oriented sector, and most cyclical sector flows faded in the final weeks of 2024, while Western Europe and defensive sector flows improved marginally. Third, within the US we have upgraded Utilities to overweight and, to offset the move, have downgraded Energy to market weight. The views of our US analyst teams as captured by the survey results really drove these changes.

View audio transcript


Our experts

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

 

Stay informed

Get the latest insights and news from RBC Capital Markets delivered to your inbox.