The U.S. equity market exhales

In today's episode, we discuss how trends in investor vibes were mixed last week, both in our quant work as well as last week’s investor conversations.

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By Lori Calvasina, RBC Capital Markets
Published March 25, 2025 | 1 min read

The big things you need to know:

  • First, trends in investor vibes were mixed last week, both in our quant work as well as last week’s investor conversations.
  • Second, the median forward P/E for the S&P 500 has fallen sharply but remains well above average. We’ve also not yet seen significant adjustments to consensus EPS forecasts, which seems likely to keep confidence in P/E analysis low for now.
  • Third, Small Caps (which have seen a greater degree of valuation correction) have continued to outperform Large Caps.

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Our Expert

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

 

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