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
28episodes
Episodes
Newest firstAll episodes
Inside the Fed With Kurt Lewis: From Crisis Playbooks to What Comes Next
2w ago00:28:41Tap to summarizeIn this episode we sit down with Kurt Lewis, Head of Central Bank Policy at Piper Sandler and former Special Advisor to Fed Chair Jerome Powell.Kurt brings a rare insider perspective, having spent nearly two decades at the Federal Reserve, including during the global financial crisis, the COVID shock, and the recent inflation surge. From briefing policymakers to shaping conversations at the highest levels, he’s seen firsthand how the Fed responds when the stakes are highest.The conversation begins with Kurt’s unexpected entry into the Fed just before the 2008 crisis, where macro theory quickly gave way to real-time problem solving in financial markets. He shares what it was like inside the Fed and what those experiences taught him about risk, data, and decision-making.Looking ahead, the discussion turns to what may change in the next era of Fed leadership. From communication strategy and forward guidance to the future of the balance sheet and inflation framework, Kurt outlines where a new Chair could reshape policy and where institutional constraints make change much harder.This is a deep dive into how the Fed really works—and what it means for markets next.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Strong Data, Weak Sentiment
3w ago00:13:51Tap to summarizeFour months into the year, markets have been anything but quiet. Headlines around oil prices, geopolitics, and inflation anxiety continue to dominate the narrative, but beneath the noise, the data tells a very different story.In this episode, we break down why resilient economic data is quietly driving markets higher. From surging PMI readings to improving earnings breadth across small, mid, and large caps, the conversation highlights a major shift underway; this is no longer just a mega-cap tech story.The big takeaway: while markets may feel volatile on the surface, the underlying fundamentals are broadening and that could have major implications for portfolio positioning in the months ahead.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Staying the Economic Course With Jake Oubina
4w ago00:36:43Tap to summarizeIn this episode, we welcome back Jake Oubina, Managing Director and Deputy Head of Economic Research at Piper Sandler, for a wide-ranging discussion on the macro outlook. Despite geopolitical tensions, rising oil prices, and shifting sentiment, Jake has remained anchored to a 3% real GDP growth view. Together, we explore key risks ahead, including potential tariff re-escalation, shifting immigration dynamics, and how policy decisions could shape the second half of the year. The big takeaway: beneath the noise, the macro backdrop may be more resilient and even improving faster than many expect.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Q 2026: From Goldilocks To Oil Shock
Apr 200:16:32Tap to summarizeIn this episode, we sit down with Emily Needell to unpack a truly remarkable start to 2026, one that may go down as one of the most eventful quarters in recent memory. What began as a near “Goldilocks” environment, with improving economic data, falling rates, and long-awaited market broadening quickly evolved into something far more complex. We explore three defining themes of the quarter: the early-year macro strength that fueled optimism around a broader market rally, the sharp unwind in mega-cap AI leaders that left many investors lagging behind despite improving breadth, and the sudden geopolitical shock from the Iran conflict that reshaped everything.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Inflation Psychology And The Oil Shock
Mar 2900:15:32Tap to summarizeIn this episode, we shift the focus from oil headlines to the force quietly driving everything underneath: interest rates. Four weeks into the Iran conflict, markets remain locked on energy, but as Michael explains, it’s the surge in rates that’s doing the real damage. With the 10-year yield climbing, mortgage rates rising, and rate cuts rapidly priced out, financial conditions are tightening fast.We break down the powerful link between oil and rates, why this supply-driven inflation shock is reigniting volatility. Michael also explains why tin he post-2022 regime investors are hyper-focused on inflation and rate risk. With stocks and bonds increasingly moving together, traditional diversification is breaking down.Finally, we explore what history tells us about markets during inflation shocks, why oil spikes often precede economic slowdowns, and whether the recent resilience in economic data can last.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Jan Stuart On Why The One-Variable Market Could Become Much Bigger
Mar 1600:27:13Tap to summarizeIn this episode, we sit down with Jan Stuart to unpack the escalating geopolitical crisis in the Middle East and why it could trigger a far broader global repricing across markets. Jan explains why the current disruption around the Strait of Hormuz is far more complex than an oil shock. While markets have largely treated the conflict as a one-variable story tied to crude prices, he argues the real risks lie deeper in global supply chains. We explore how disruptions could ripple through LNG markets, fertilizer supply, aluminum production, chemicals, and even semiconductor manufacturing, potentially creating waves of inflation across the global economy. Jan also outlines why reopening the strait may prove extremely difficult—and why the geopolitical incentives facing leaders like Donald Trump, Benjamin Netanyahu, and Iran’s leadership could make a quick resolution unlikely.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →One Variable Market
Mar 800:14:14Tap to summarizeIn this episode, we discuss how the recent spike in crude has created a “one-variable market,” where leadership becomes highly binary. Despite the headlines, the broader market hasn’t fallen as much as many expected. Michael explains why investors are focusing less on the current price of oil and more on how long higher prices might last, with the oil futures curve still suggesting the spike could be temporary. Michael walks through a framework investors can use in markets like this: when a single variable dominates and positioning tends to become defensive, until that variable peaks. When it does, leadership in the market can reverse quickly, creating major opportunities for investors looking ahead to the next rotation.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Danny Kirsch On Todays Shoot First, Ask Questions Later Market
Mar 100:25:14Tap to summarizeIn this episode, we sit down with Danny Kirsch to unpack one of the most unusual market environments in decades. The index has traded in an exceptionally tight range, yet beneath that stability we’re seeing historic dispersion, major sector rotation, and a surge in single-stock volatility. Mega-cap leadership is fading while the equal-weight market pushes to new highs. Capital is rotating into cyclicals, industrials, materials, and energy as investors reposition for a different regime. At the same time, uncertainty around AI disruption, private credit risk, geopolitics, and policy shifts is driving a sharp increase in options activity. It may feel uncomfortable but this is the type of environment where stock pickers, sector allocators, and options traders can thrive. The index may be flat. The opportunity set is not.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Davids vs. Goliaths: The Broadening Beneath the Surface
Feb 2200:19:29Tap to summarizeIn this episode, Michael and Stephen break down one of the most confusing market environments in years. While volatility in mega-cap software and AI names has grabbed headlines, the broader market is quietly telling a very different story. With the “Mag Seven” representing over a third of the S&P 500 at the start of the year, weakness in just a handful of stocks has masked what may be one of the strongest breadth environments in decades. Michael explains why this environment looks like a classic broadening cycle for the first time in nearly five years, with improving early-cycle economic data supporting stronger earnings outside of mega-cap growth.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →A Volatile Week For Markets; What Are Clients Talking About?
Feb 1600:26:45Tap to summarizeThis week’s episode explores a dramatic shift in market sentiment that unfolded in just a few days. Emily and Michael are joined by Jay Glickson to discuss what institutional investors are saying, how AI disruption fears are influencing positioning, and why the broader macro backdrop may still support a rotation into cyclical and value-oriented areas of the market.Despite heightened anxiety, particularly around AI and expensive growth stocks—the overall market remains near highs. The team breaks down what’s driving the disconnect between sentiment and price action, how investors are reacting, and what could stabilize markets in the near term.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
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