About this episode

The episode discusses the implications of rising 10-year yields on the S&P 500 and updates from the RBC Health Care conference.

The big things you need to know: First, we think the recent pick up in 10-year yields raises the risk of a tier 1 (5-10%) pullback in the S&P 500 in the short-term, but does not alter our longer-term constructive view on the S&P 500. Second, it was business as usual at the RBC Health Care conference last week in terms of company commentary. Third, other things that jump out from our latest updates include a move up in the median NTM P/E for the biggest market cap names in the S&P 500 (which also adds to risk of a near-term pullback).

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