About this episode

The episode discusses the current state of forward P/Es and the valuation case for various market sectors.

Two big things you need to know: First, forward P/Es have generally been de-frothed, but haven’t looked deeply compelling for the major US indices. Second, the valuation case for the broadening trade still has some room (Small Caps, certain cyclical sectors, non-US developed market equities), but requires close monitoring.

Topics covered

• valuation
• forward P/Es
• US indices
• broadening trade
• Small Caps
• cyclical sectors
• non-US developed market equities

Keywords

• valuation
• forward P/E
• US indices
• Small Caps
• cyclical sectors
• non-US equities

Mentioned in this episode

Organizations: RBC Capital Markets

Places: US, non-US developed market, Small Caps, cyclical sectors

More episodes of RBC's Markets in Motion

• Mixed EPS Stats, Cautiously Optimistic Commentary · July 21, 2026 · 6 min
• S&P 500 Sector Recommendation Shuffle · July 13, 2026 · 6 min
• June Survey Results Reveal Optimism, Not Euphoria, Heading Into 2H26 · July 7, 2026 · 5 min
• Mid-Year Outlook Update · June 29, 2026 · 7 min

Explore listener stats, chart rankings, contacts and more on the RBC's Markets in Motion podcast page.