RBC's Markets in Motion

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200

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Oct 2026

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About the show

Our regular podcast from Lori Calvasina, Head of US Equity Strategy, that brings a fresh perspective and nuanced, data driven view on the forces shaping U.S. equity markets. Disclaimer: https://www.rbccm.com/en/policies-disclaimers.page

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November 2, 20269 min

Still on the Sidelines With Tech, More Midterm Thoughts, Getting More Constructive on Small Caps

The big things you need to know: First, we are staying on the sidelines with Tech following our mid October downgrade, while also reiterating our overweight on Health Care. Second, we add to our thoughts on the midterms, highlighting how recent developments impact our view of the set up, and what we’ve learned from our ongoing review of the big issues in close races that could be relevant to sector calls going forward. Third, we highlight the recent inflection in Small Cap performance relative to Large Cap and walk through why we’re turning constructive on Small Caps for now, plus risks to our view.

October 26, 20267 min

Midterm Musings

The big things you need to know: First, we review our thoughts on the US midterm elections, where we think it makes sense to be prepared for all outcomes. We run through our thoughts on the implications of each outcome for the US equity market based on the historical playbook and our analyst survey work, and also review our analysis of what stock market relevant issues have been in focus in battleground Congressional campaigns. Second, other things that jump out include the still lackluster stats for 3Q26 reporting season, the relationship between P/Es and earnings revisions trends, and developments in the latest EPFR data on funds flows including strength in Health Care.

October 19, 20268 min

Caveats and Risks

The big things you need to know: First, 3Q26 reporting season is off to a slightly soft start on the stats, with company commentary generally still highlighting resilience in the economy and consumers and tailwinds from AI, with some caveats, while giving investors plenty to think about in terms of risks that may lie ahead. Second, recurring topics in conversations last week with US investors included midterms, earnings, and positioning. Overall, investors came across as neutral with a dose of nervousness and a bit more short-term focused than usual. Third, other things that jump out in our other updates include the broad pivot we’re seeing in a number of key positioning trades and the recent widening in high yield credit spreads, which is a new potential point of concern for Small Caps.

October 12, 20267 min

Risks In Both Directions Heading Into 3Q26 Reporting Season

The big things you need to know: First, we enter 3Q26 reporting season seeing risks in both directions. Second, the investors we met with in Canada last week were best described as cautiously optimistic, with earnings, midterms, and confusion over recent resiliency in the equity market all top of mind. Third, other things that jump out this week include the recent surge in US performance relative to non-US which may be on borrowed time, the bounce back in investor sentiment, and a few important shifts in sector valuations ahead of reporting season.

October 9, 20264 min

3Q26 Global Analyst Survey Results - The Micro Reality

The big things you need to know: First, our analysts are moderately constructive across the globe, though we did detect a bit more optimism outside of the US. Second, Energy, Health Care, and Technology stand out at the global sector level for capturing some of the most optimistic views on all of our main questions. Third, within the US, muted midterm views remain in place at the broader stock market level, but our analysts did highlight a few potential sector trades in different scenarios. Fourth, in terms of key risks, our US analysts expressed more concern about the potential for higher interest rates than the potential weakening of the AI theme.

October 5, 20267 min

Silver Lining For Small Cap

The big things you need to know: First, Friday’s weaker than expected jobs report, which was still viewed as healthy by our economists, left us feeling incrementally better about Small Cap. Second, other things that jump out in our updates this week include the stall in stock market optimism among consumers in the latest Conference Board survey, recent deterioration in our earnings yield gap model, low layoff levels in the Challenger report, the stall in Democratic sweep expectations in midterm betting markets, and the expensive valuations we continue to see in Financials, Industrials, and Utilities.

September 28, 20268 min

Digging Into Past Drawdowns

The big things you need to know: First, we reviewed the drawdowns in the S&P 500 of 11% or more dating back to 1956, an exercise that helps to clarify why US equities have been resilient recently (in particular, strong earnings and capex dynamics). Second, other things that jump out in our updates include the link between crude oil and 10-year yields, the renewed leadership of the US and mega cap growth trades, the lack of movement in consensus EPS forecasts for most sectors (ex Energy, Mag 7, and Tech) in September, the slight softening of C suite confidence we saw in the latest Duke CFO survey, and the surge in expectations for a Democratic sweep in betting markets.

September 21, 20268 min

Lessons From Past Lift Offs

The big things you need to know: First, our review of S&P 500 performance during the Fed hiking cycles that have occurred since the mid 1990s reminded us that the stock market tends to stumble at lift off, with a median initial drop of 9.6% (ex 2022, which was an extreme outlier). This keeps us vigilant for a near-term tier 1/garden variety pullback of 5-10% in the S&P 500. Second, other things that jumped out in our updates this week included the sharp drop in AAII net bulls to levels that have generally marked the low since early 2025 when the liberation day tariffs shocked the market (which suggests investor sentiment is at a crossroads), and the choppiness we continue to see in most major positioning trades (Growth/Value, US/non-US) other than Small Caps which have continued to underperform Large Caps.

September 10, 20267 min

The Fall Feels

The big things you need to know: • First, with the US summer ending and fall getting underway, we refresh our thoughts on the US equity market outlook in terms of both the near term (where we think risks of a tier 1 / garden-variety pullback have grown) and the longer term (where we remain constructive and reiterate our 12-month S&P 500 price target of 8,150, noting that upside risk exists if interest rate fears recede). • Second, after taking a break from our Pulse report over the past few weeks, we run through some of the key things that jump out in our other updates in terms of valuations, flows, capex, and Small Caps.

August 20, 20265 min

Midterms On Our Mind

The big things you need to know: First, we took a look back at equity market and sector performance in 2H18 and 2H22, around the last two midterm elections. Conditions were choppy with two distinct drawdowns interrupted by a meaningful rally. Consumer Staples and Health Care outperformed during the drawdowns while Financials, Industrials, and Materials outperformed in the rebounds. Second, other things that jump out in our updates this week include shifts we’re seeing in our factor work, descriptions of a cautious consumer in our earnings call transcript analysis, the tendency of the stock market to perform well when IPO activity is ramping up, and what we see as reasonable valuations across the major indices in the US.