Still In A Spooky Place
RBC's Markets in Motion · RBC Capital Markets
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Show Notes
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.