RBC’s Calvasina Sees US as Global Safety Trade Amid Iran War

Watch on YouTube ↗  |  April 27, 2026 at 13:14  |  2:11  |  Bloomberg Markets
Speakers
Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets

Summary

Lori Calvasina of RBC views the US as a global safety trade amid the Iran war and believes AI and tech earnings are resilient to the conflict. She sees headwinds for materials, industrials, and consumer sectors, and is watching semiconductor revisions for deterioration. She questions the durability of a potential Europe rebound trade.

  • US equity market seen as safety trade due to Iran war
  • AI and tech earnings not significantly impacted by conflict
  • Materials, industrials, consumer discretionary, consumer staples face headwinds
  • Semiconductor revisions at peak levels, being monitored
  • Europe rebound trade possible but questionable value
  • Broader market broadening trade expected under pressure
  • Growth vs value dynamic mirrors US vs non-US performance
  • Iran conflict aftermath may persist and impact supply chains
Trade Ideas
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 0:00
US is global safety trade
The US equity market acts as a global safety trade amid the Iran war and is likely to continue benefiting as long as concerns about the war's duration remain.
US equity market HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 1:04
AI/tech earnings not hurt by Iran
The AI and tech trade (including Mag 7 and growth trade) has strong earnings momentum that will not be significantly impacted by the Iran conflict or its aftermath.
AI and tech trade HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 1:26
Iran conflict headwinds materials, industrials, consumer
Materials, industrials, consumer discretionary, and consumer staples will face headwinds from the Iran conflict even if hostilities dial down, due to supply chain damage and rebuilding costs.
XLB XLI XLY XLP HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 2:03
Watch semiconductors for deterioration
Semiconductor upward revisions are at peak levels, historically can stay elevated, but she is watching closely for any sign of deterioration, which is not yet visible.
SMH MED
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This Bloomberg Markets video, published April 27, 2026, features Lori Calvasina discussing US equity market, AI and tech trade, XLB, XLI, XLY, XLP, SMH. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lori Calvasina  · Tickers: US equity market, AI and tech trade, XLB, XLI, XLY, XLP, SMH