The Fall Feels

The big things you need to know: • First, with the US summer ending and fall getting underway, we refresh our thoughts on the US equity market outlook in terms of both the near term (where we think risks of a tier 1 / garden-variety pullback have grown) and the longer term (where we remain constructive and reiterate our 12-month S&P 500 price target of 8,150, noting that upside risk exists if interest rate fears recede). • Second, after taking a break from our Pulse report over the past few weeks, we run through some of the key things that jump out in our other updates in terms of valuations, flows, capex, and Small Caps.