Lori Calvasina, head of US equity strategy at RBC Capital Markets, is flagging cracks in American consumer resilience, particularly in discretionary spending categories where tariff pressures and weakening sentiment are starting to bite. She remains bullish on US stocks and has set S&P 500 year-end targets between 7,750 and 8,150, arguing that risks are sector-specific rather than systemic. The retail earnings season will serve as a real-time stress test of the American consumer. Results are expected to vary based on each company’s exposure to import-heavy supply chains and their customer demographic mix.
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