RBC's U.S. equity team still awaits clear signs of a recovery

Ray Mawhinney and Cameron Scrivens are finding picks in health care, technology and materials sectors; back to normal for the big banks; and running away from Nike.

Sonita Horvitch 19 August, 2009 | 6:00PM

Some consolidation in the U.S. equity market at this stage was to be expected, as the S&P 500 Index had a significant rally off its March low and was extended, says Ray Mawhinney, who heads the U.S. equity team at RBC Asset Management.

Of the macro picture, Mawhinney notes that while the U.S. economy has stabilized, it has yet to show clear signs of a recovery. "The equity market looks ahead and is likely anticipating an economic recovery in 2010."

A big question mark for the short term, he says, is the U.S. consumer. In the current environment, the trend is for consumers to save and pay down debt. "This has implications for consumption."

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Sonita Horvitch

Sonita Horvitch