The big things you need to know:

1. First, we review our key takeaways from our review of March company commentary on the Middle East conflict on EPS calls and in conference presentations. What we read adds to our understanding of why the US equity market has been fairly resilient since the Iran strikes, and also leads us to believe that it may simply take more time for the equity community to fully understand the impacts from an extended conflict.
2. Second, other things that jump out this week include much better EPS estimate revisions trends in the top-10 market cap names in the S&P 500 than the rest of the index (a point in favor of mega cap Growth stocks continuing to outperform), the sharp drop in investor sentiment on our AAII model (a bullish data point for the broader market) and the return of the Russell 2000 FY2 P/E to its long-term average (important progress but not a return to “hold your nose and buy” territory).

The big things you need to know:

1. First, in tandem with the 5% decline in the S&P 500, investor and consumer sentiment have slipped in recent updates as investors have digested the possibility of a longer conflict in Iran and consumers have started to notice higher gas prices.
2. Second, we review our macro takeaways from RBC’s Financial Institutions conference, where we detected echoes of the lingering confidence and emerging concerns that are seen in the surveys we discuss.

This week, we are excited to bring you a special edition of the podcast, a recording of a panel done by Lori Calvasina (Head of US Equity Strategy), Helima Croft (Head of Global Commodity & MENA Research), and Frances Donald (Chief Economist, Royal Bank of Canada) on March 10th, 2026, at the RBC Financials conference in NYC.

The team discussed recent events in the Middle East and the implications for the US economy and stock market, and was moderated by Brian Sullivan of CNBC.

The big things you need to know:

1. First, we review the results of a survey we conducted of RBC’s equity analysts on the conflict in Iran, which helps explain the resilience we’ve seen in the S&P 500.
2. Second, the valuation and sentiment barometers we’re tracking point to room for further downside in the S&P 500 in the near-term in absolute terms, while our work on US valuations vs. other global developed markets highlights why the US equity market has been embraced as a safe haven, helping outperformance versus global peers to re-ignite.

The big things you need to know:

1. We run through five things we’re thinking about regarding recent developments in the Middle East from a stock market perspective.
2. Then, we wrap up with a few things we’re watching in terms of general stats to help us know when the recent risk off mood in markets may have played out.

The big things you need to know:

1. First, the stock market is still experiencing a growth scare, in our view, where it is attempting to stabilize. We see more downside if recession is priced in.
2. Second, we review how the process of resetting EPS expectations has begun, and run though key themes from the early reporters and companies that have presented at conferences since the Rose Garden. Our overarching takeaway from our reading is that recession is not yet a foregone conclusion but also that US equities are not out of the woods.
3. Third, we run through our latest thoughts on the Growth trade, which has been outperforming again, and note that it is not a clear-cut call.

The big things you need to know:

1. First, we review our stance on Small Caps. We had a little more love for them coming into Valentine’s Day weekend due to better fundamentals, but still see challenges that raise the bar for further outperformance (less appealing positioning and valuations, plus continued linkage to evolving views on the Fed).
2. Second, other things that jump out include more evidence of a tough reporting season, the slide in sentiment on the AAII survey which is not signaling oversold conditions yet, and thoughts on why we’re not intrigued with the Tech sector yet from a generalist perspective.
3. Programming note: The podcast will be on break next week and resume later this month.

The big things you need to know:

1. First, we run through our thoughts on last week’s choppy price action in the S&P 500 and reiterate our 7,750 12-month-forward S&P 500 price target.
2. Second, we update the stats we’re tracking for 4Q25 reporting season, which generally bounced back in our latest update but remain weaker than what we’ve seen in past reporting seasons.