The Pulse of the Market

RBC Capital Markets has updated its S&P 500 sector strategy, upgrading Information Technology to overweight and Consumer Discretionary to market weight, while downgrading Communication Services and Utilities. The firm expresses caution and readiness for a return to mega cap Growth leadership.

Key Takeaways

• 1.Upgrading Tech to overweight; downgrading Comm Services to market weight.
• 2.Expectations of shift back to mega cap Growth leadership.
• 3.S&P 500 EPS growth forecasts are rising, but revisions trends are mixed.

Table of Contents

• S&P 500 Sector Recommendation Shuffle
• Summary / Update Of Our US Equity Market Outlook
• The Four Tiers Of Fear In Modern US Equity Markets
• Understanding the Different Kinds of Drawdowns
• Consensus Forecasts
• Reporting Season
• Investor Sentiment & Positioning
• The Math Behind Our 12-Month-Forward S&P 500 Price Target
• Stocks vs. Bonds Model
• Thoughts on the Middle East / Valuation
• Economy

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