What's Next For Markets
Michael Kantrowitz
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
Episodes
Mentioned books
Dec 14, 2025 • 24min
Breaking Down The Tax Implications of OBBB On Investing With Tax Expert Amy McAneny
Amy McAneny, partner and private equity tax leader at PwC, dives into the newly introduced One Big Beautiful Bill (OBBB) and its significant tax implications. She unpacks key changes like the permanent 37% top tax rate, higher standard deductions, and the return of full immediate R&D deductions. The conversation highlights how these updates support U.S. economic growth and benefit various sectors, including tech and healthcare. Amy emphasizes the largely positive outlook for both individual and institutional investors amid these adjustments.
8 snips
Dec 7, 2025 • 23min
The Year-End Setup: Trade Opportunities with Danny Kirsch
Danny Kirsch, Head of Options Strategy at Piper Sandler, shares his insights on year-end trading and market trends. He highlights a standout SPX butterfly trade targeting a 7,000 milestone and discusses how upcoming tax refunds could uplift retail stocks. Kirsch also analyzes sentiment shifts regarding the Fed's potential rate cuts and the implications for financials and industrials. Additionally, he examines holiday delta decay's role in end-of-year rallies, while evaluating the dynamics around AI stocks and tariff impacts on the market.
9 snips
Nov 30, 2025 • 25min
Thankful for H.O.P.E.
Explore the intriguing HOPE framework, which highlights Housing, Orders, Profits, and Employment as key economic pillars. Delve into the shift from a K-shaped to an E-shaped economy and discover how middle-income earners drive cycles. Uncover the connection between employment dynamics and economic growth, and analyze the potential for recovery in the housing market. Michael's optimistic outlook suggests a gradual economic rebound fueled by lower rates and AI innovations, paving the way for improvement across various sectors.
Nov 23, 2025 • 20min
Bitcoin, Beta & Breadth
In this episode, we recap our recent travels across Europe and the U.S., highlighting what we heard from clients and how market sentiment is shifting on both sides of the Atlantic. We break down the evolving investor outlook—especially growing concerns around interest rates, wage pressures, and unemployment trends. We also explore Bitcoin’s position as a high-beta asset increasingly tied to broader risk sentiment, and assess how a potential Fed rate cut in December could shape market dynamics. Finally, we discuss why mortgage applications and housing data remain critical indicators for gauging the economic backdrop as we look ahead to 2026.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
8 snips
Nov 9, 2025 • 17min
What is Outperforming? Navigating Markets in the Era of the Mag Seven
Emily Needell, Deputy Chief Investment Strategist at Piper Sandler, shares her insights on the dominance of the 'Mag Seven' mega-cap stocks. She discusses their jaw-dropping returns, like Nvidia's staggering 40,000% gain over the last decade. The conversation dives into how this concentration distorts market breadth and what it means to truly outperform today. Emily also highlights the impact of passive investing on the mega-caps and offers a hopeful outlook on the potential for improved market breadth in the coming years.
7 snips
Nov 2, 2025 • 24min
Talking Technicals With Craig Johnson, Piper's Chief Technician
Craig Johnson, Managing Director and Chief Market Technician at Piper Sandler, shares his insights on technical market analysis. He discusses recent trends, including the importance of price, volume, and relative strength. Craig highlights concerns over narrowing market breadth and the implications of rising bond yields. He also examines how ETF activity and momentum investing affect market volatility. With predictions of a near-term pullback, he recommends strategic risk management to navigate the current landscape.
8 snips
Oct 26, 2025 • 28min
What To Expect When You're Not Expecting Economic Data
Jake Oubina, an economist at Piper Sandler, discusses the intricacies of macroeconomic data. He explores how alternative data sources like the Adobe Digital Price Index can fill gaps left by delayed government reports. The conversation delves into inflation dynamics, particularly how tariffs affect core goods prices. Jake also shares insights on labor market conditions, consumer sentiment, and the potential impact of AI on productivity. He presents a cautious but optimistic economic outlook for the next 6-12 months, factoring in fiscal policies and market trends.
Oct 19, 2025 • 19min
Thoughts From The Options Desk
Danny Kirsch, Head of Piper Sandler's Options Trading Desk, shares his expertise on recent market volatility. He dives into the recent spikes in VIX and how they affect options trading strategies. Discussion includes the impact of regional bank earnings and the idiosyncratic risks they pose. Danny explains the differences in volatility trends between now and the late 1990s, as well as the seasonal factors that might influence market behavior in November. He also speculates on the effects of falling oil prices on inflation expectations and the potential for AI investments to drive market rallies.
9 snips
Oct 12, 2025 • 22min
MasterClass D.C. Update With Don Schneider
Don Schneider, Deputy Head of U.S. Policy Research at Piper Sandler, dives into the intricacies of the recent government shutdown. He discusses the political strategies of both parties and how selective furloughs are minimizing impact on services. Don sheds light on the potential duration of the shutdown, its disruptions to data reporting, and the implications for investors. He also explores Trump’s tariff threats against China and how new tax changes could lead to significant consumer refunds in 2026, influencing spending and economic dynamics.
Oct 5, 2025 • 13min
Post-Inflation Shock “Goldilocks”?
Dive into the current economic landscape that's shaping up like a post-inflation-shock "Goldilocks" environment. Discover how market breadth is starting to heal and why this shift is crucial. Explore which sectors could take the lead, especially small caps and cyclicals. The conversation also tackles whether active management strategies might outpace passive ones in this evolving market. Get insights on resilience and the surprising strength of the economy post-pandemic!
