Podcast
What's Next For Markets
Hosted by Michael Kantrowitz · EN
When it comes to equity markets, there is a seller for every buyer. But how do you know which side of the trade to be on? Macro trends explain 70% of stock movements so understanding the macro backdrop is essential. Join Michael Kantrowitz, No. 1 ranked* Wall Street investment strategist, and the rest of the portfolio strategy & quantitative research team at Piper Sandler as they discuss current macro trends and what’s next for markets. Michael, Stephen, Emily, Joe and Dan have been working together for over 15 years. They pride themselves on their knowledge of financial market history while offering value added research and time-saving resources to their clients. The team utilizes the H.O.P.E. framework (Housing, Orders, Profits & Employment), a proven business cycle analysis to guide listeners through investment decisions and manage risk/reward in global equity markets. When they aren’t advising the best and brightest on Wall Street, they share bad taste in movies and good taste in cuisine. For more information on the podcast and the team visit whatsnextformarkets.com
39episodes
Episodes
Newest firstAll episodes
Software's AI Reckoning With Billy Fitzsimmons
Yesterday00:47:46Tap to summarizeEnterprise software has been one of the market's biggest losers, but are investors overreacting to AI fears? Piper Sandler's Billy Fitzsimmons joins us to break down whether AI is truly disrupting the software business model, why valuations have collapsed, where opportunities still exist, and how Microsoft, Oracle, and the hyperscalers fit into the next phase of the AI investment cycle. We also discuss vibe coding, consumption-based pricing, AI infrastructure spending, and why the eventual IPOs of OpenAI and Anthropic could reshape the entire software landscape.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The State Of The Consumer With Piper Sandler’s Peter Keith
1w ago00:21:09Tap to summarizeConsumer spending has been far more resilient than many investors expected, but the story isn't as simple as strong or weak. Peter Keith joins the podcast to explain why today's consumer is increasingly selective, how the K-shaped economy may finally be narrowing, and why certain retail categories are showing surprising strength despite ongoing housing weakness. We discuss what investors are hearing about oil prices, interest rates, the Middle East, and Federal Reserve policy, along with why many consumer-focused investors are becoming more optimistic for the second half of the year. Peter also shares where he's finding the biggest opportunities, including furniture, home-related products, and lower-income retail, while explaining why housing remains stuck waiting for lower mortgage rates. Finally, we preview earnings season, discuss the impact of tariff refunds and AI initiatives, and highlight the companies that could deliver the biggest surprises over the coming quarters.
Transcribe →The Best Quarter in Six Years: What's Really Driving Markets?
2w ago00:13:58Tap to summarizeThe second quarter delivered the strongest market performance in six years, but the headlines only tell part of the story. In this episode, we step back from the day-to-day market noise to explore the bigger trends that shaped the quarter and what they could mean for investors going forward. We discuss why the rally broadened beyond the largest technology stocks, how improving manufacturing data and stronger-than-expected corporate earnings fueled gains across the market, and why the next phase of the AI trade may look very different from the last. We also examine shifting Federal Reserve expectations, the outlook for inflation, and the key indicators we'll be watching as earnings season begins. If you want to understand what really drove markets this quarter and where the opportunities and risks may lie next, this episode provides the context behind the headlines.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Cheap Options And Expensive AI: Taking Stock With Danny Kirsch
3w ago00:27:37Tap to summarizeThe second half of the year is off to a strong start, but beneath the surface the market is changing. This week we're joined by Danny Kirsch to discuss why investors are increasingly looking beyond the AI trade and what that could mean for the next phase of the bull market. We dive into the broadening rally across the S&P 500, why semiconductor stocks have become unusually volatile, and how leveraged ETFs may be amplifying those swings. We also explore whether the Mag 7 could regain leadership as companies begin rethinking massive AI spending plans, why July has historically been one of the market's strongest months, and how options markets may be underpricing key events like CPI, the Fed, and earnings season.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Markets, Rates, and the Return of Breadth
4w ago00:18:17Tap to summarizeFor the past few years, AI has been the market's defining story, but the conversation is beginning to evolve. In this episode, we examine why falling Treasury yields are becoming just as important as AI earnings, what the Fed may be signaling versus what the market believes, and why a broadening rally has quietly been taking shape. We also discuss how changing inflation expectations, improving economic data, and stronger earnings revisions are supporting areas of the market that have largely been overlooked, even as AI remains a powerful long-term theme.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The Case for Lower Inflation With Jake Oubina
Jun 1400:27:17Tap to summarizeInflation may be cooling faster than markets expect and the implications are big. This week, we sit down with Jake Oubina to break down why commodity shocks are fading, why core inflation is set to grind lower, and why the Fed may be done hiking for this cycle. We connect the dots from falling gas prices to improving consumer confidence, stronger job growth, and a potential tailwind for housing and rate-sensitive sectors. If this disinflation trend holds, it could mark a shift back toward a Goldilocks environment with lower rates, expanding multiples, and a much broader market rally.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Inside the Biggest Index Rebalance And Upcoming Blockbuster IPOs
Jun 700:21:01Tap to summarizeIn this episode, we go deep into the mechanics of index construction with Jackson Venjohn Head Of Index Rebalancing At Piper Sandler. With hundreds of billions in forced buying and selling, the rise of passive investing has fundamentally changed how stocks trade, how liquidity forms, and how opportunities emerge. We unpack the largest rebalance cycle ever, and how blockbuster IPOs like SpaceX could reshape flows for years to come. If you want to understand what’s really moving markets beneath the surface, this is the conversation.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Why Our Rates Thesis Keeps Delivering
May 3100:16:06Tap to summarizeIn this episode, we unpack the profound shift reshaping markets: the transition from a growth-driven framework to one dominated by interest rates and inflation anxiety. What began in late 2023 as a simple observation—that falling rates lift equities while rising rates pressure them—has evolved into a full-blown regime change with deep historical parallels. We explore why “bad news” like softer economic data can now be bullish, how decades-old correlations have flipped, and what this means for positioning across sectors. With affordability pressures, a bifurcated consumer, and a massive AI-driven earnings backdrop all in play, this conversation breaks down the signals that matter, the risks that could disrupt the trend, and why this new paradigm may be with investors for years to come.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The Rate Squeeze
May 2400:16:57Tap to summarizeInterest rates are once again the market’s main character and while headline indices sit near all-time highs, the story underneath is far less comfortable. In this episode, Michael unpacks the growing disconnect between index-level strength and deteriorating market breadth, We dig into the regime shift that’s made rates matter more than growth, the reflexive cycle between yields, economic data, and equities, and why both the worst and best market moves tend to cluster around turning points in rates. From the K-shaped economy to the constant whipsaw in Fed expectations, this conversation explores what clients are asking, what the data is actually saying, and where the biggest opportunities may be if rates finally start to ease.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The Vibepression Economy With Kevin Gordon Of Charles Schwab
May 1700:33:42Tap to summarizeIn this episode, we’re joined by Kevin Gordon, Head of Macro Research and Strategy at Charles Schwab, to break down one of the most confusing market environments in years.Despite geopolitical tension, rising rates, and persistent inflation concerns, markets continue to push to new highs. Kevin shares what he’s hearing from investors across the country, from retail to institutional and why the gap between how people feel about the economy and what the data says may be the defining feature of this cycle.We dig into the idea of a “vibepression,” where sentiment remains deeply negative even as growth and employment hold up, and explore why affordability—not job loss—is today’s central economic pressure point. The conversation also tackles the growing concentration in markets, the dominance of mega-cap tech, and why investors may be overlooking opportunities beneath the surface.Kevin explains why diversification still matters, even in a world where a handful of stocks drive index returns, and how thinking in terms of themes—not sectors—can better capture where markets are headed. We also discuss whether today’s environment resembles past bubbles, how AI is reshaping both growth and inflation, and why interest rates—not earnings—may be the biggest risk to markets from here.Finally, Kevin shares his framework for separating “front-page risk” from what actually impacts markets, along with his outlook for the months ahead and the key signals investors should be watching.
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