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
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!
19 snips
Sep 28, 2025 • 19min
"The Enemy Of My Enemy Is My Friend"
Explore the surprising link between rising equity markets and increasing unemployment. Historical trends reveal how higher jobless rates can sometimes boost stock prices, particularly during inflation. The discussion delves into the unique market dynamics post-2022, highlighting why current conditions differ from past downturns. It also examines the potential benefits of a recession for equities and the common factors that historically accompany rising stocks with unemployment. Get ready to rethink everything you thought you knew about market performance!
6 snips
Sep 21, 2025 • 37min
REIT All About It: A Conversation With Piper Sandler's Alex Goldfarb
In this discussion, Alex Goldfarb, a seasoned Managing Director at Piper Sandler, explores the evolving landscape of real estate investment trusts (REITs). He shares insights on why real estate has moved from a niche to a mainstream investment. Alex details the intricacies of commercial offices, data centers, and warehousing, touching on the implications of rising interest rates. The conversation also tackles the perceived risks of real estate during downturns and highlights the diverse opportunities for savvy investors in a post-COVID world.
17 snips
Sep 14, 2025 • 25min
Rising Stocks, Soft Employment, And The National Anthem
Explore the intricate relationship between rising stocks and a softening labor market. Discover how upcoming macroeconomic data will shape investor expectations and the Federal Reserve's decisions. Learn about the impact of declining interest rates on housing trends and smaller companies. The emotional narrative of a father's pride during a significant family moment underscores the connection between personal experiences and market sentiments. Dive into the analysis of economic signals and prepare for what lies ahead in the markets.
11 snips
Sep 7, 2025 • 22min
Invincible?
The discussion kicks off with the surprising strength of the markets entering September, typically a challenging month for equities. Higher beta stocks are emerging as leaders, while insights on inflation and interest rates reveal a 'Goldilocks' scenario for investors. Key economic indicators like CPI data are twinkling with potential implications for bond yields and overall market sentiment. There's also a fascinating look at how negative news might paradoxically foster a sense of stability, suggesting positive trends ahead for the market.
