Today in the podcast, we take a deep dive into the outlook for the US equity market from the S&P 500 all the way down to Small Caps. Three big things you need to know: First, we are sticking with our YE2023 S&P 500 price target of 4,250. Though upside risks remain, downside risks have grown, the outlook has become cloudier and we don’t think the pause in the S&P 500 rally that we called for in early August is done yet. Second, we continue to believe that Large Cap Growth is in need of a tactical correction, but we also acknowledge its longer-term fundamental appeal which is why we think the leadership transition has been so tough. Third, Small Caps remain intriguing from a valuation and earnings perspective, but have been dragged down by balance sheet concerns, rising bond yields, and lingering economic angst.