A Sleepy Start to Earnings, Small Cap P/Es Surge

The big things you need to know: First, the various earnings stats we track point to a sleepy start to reporting season, suggesting to us that geopolitics hasn’t been the only thing contributing to the US equity market’s recent gyrations. These stats also highlight how the mega cap growth trade has seen its dominance on the earnings front erode in some ways, helping fuel the rotation trade to Value and Small Caps. Second, our review of this past week’s earnings call commentary suggests that views of the macro have been mixed, with geopolitical concerns and consumer pressures noted, but tariffs described as manageable. Third, things that jump out from our other updates include the rise in the Russell 2000’s P/Es which are approaching 2024 highs

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A Sleepy Start to Earnings, Small Cap P/Es Surge is an episode from RBC's Markets in Motion by RBC Capital Markets.

This episode is 07:38 long.

This episode was published on Jan 23, 2026.

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