The big thing you need to know:

• The big thing you need to know: We are introducing preliminary forecasts for the S&P 500 for 2026 of 7,100 (a 2H26 price target) and $297 (full-year 2026 S&P 500 EPS). We think they should be viewed as a very early indication of how our models are tracking at the moment.

RBC’s Markets in Motion is the weekly podcast from Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, highlighting her latest views on the US equity market.

The big things you need to know:

• First, we see Friday’s weaker-than-expected jobs report as having added some additional uncertainty to the US equity market outlook at a time when we’ve been on guard for choppiness for other reasons.
• Second, we reiterate our overweight stance on the S&P 500 Materials sector.
• Third, other things that jump out to us include the weakness in bitcoin and the deterioration in US equity flows and retail flows specifically, which add to our near-term concerns.

The big things you need to know: First, 2Q earnings season wrapped up with downward pressure on 2026 sector EPS forecasts & Small Cap operating margin forecasts. Second, following Friday’s news that the US Court of Appeals for the Federal Circuit had ruled against the reciprocal tariffs, we think corporate uncertainty around tariffs will remain elevated.