Bloomberg Surveillance Uncertainty for Equities amid Tariff and Geopolitical Risks
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Mar 17, 2025 
Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, shares her revised outlook on US equities, reflecting a drop in GDP targets and a predicted 10% upside for the S&P 500. Mike Green, Chief Investment Strategist at Simplify Asset Management, discusses navigating equity market corrections and the growing trend of investors leaning toward active management. Julia Coronado, founder of MacroPolicy Perspectives, addresses how tariff uncertainties could slow the US economy, while Julie Norman, a terrorism expert, highlights evolving geopolitical dynamics in the Middle East.
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S&P 500 Outlook
- Lori Calvasina lowered her S&P 500 call due to RBC's adjusted GDP and inflation forecasts.
- Her new estimate considers a potential drop in US GDP and stickier inflation.
Defining Quality Investments
- Evaluate quality on a sector-by-sector basis, focusing on factors like positive-negative earnings and analyst ratings.
- Consider cash flows, but note the challenges they present for quantitative analysis.
Shifting Investment Landscape
- Consensus assumptions about a "Trump put" and an economic unfreezing have been overturned.
- European investors are moving money out of the U.S. and into Europe.