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
Feb 1, 2026 • 34min
Understanding Mortgage Finance With Crispin Love
Crispin Love, a Senior Analyst at Piper Sandler who covers mortgage finance and asset managers, breaks down recent mortgage rate moves and why rate changes matter more than levels. He walks through refinance versus purchase dynamics, data sources to watch, the comeback of HELOCs and closed-end seconds, industry adaptations to thinner margins, policy levers, and his 2026 outlook with favored mortgage names.
Jan 19, 2026 • 24min
What’s Next For Oil With Jan Stuart
Jan Stuart, a Global Energy Economist at Piper Sandler, delves into the intricate world of oil markets. He argues that oil demand won't significantly decline until the next decade and could rebound by 2026, driven by sectors like petrochemicals and jet fuel. Stuart discusses geopolitical risks from Venezuela and Iran, alongside the impact of the Russia-Ukraine conflict. He also analyzes the strategic petroleum reserve's role and reveals where investors are currently focusing their energy sector allocations, particularly towards U.S. and Canadian oil companies.
4 snips
Jan 11, 2026 • 20min
2026 Outlook: Broader Leadership Ahead
The conversation dives into a bullish outlook for 2026, highlighting key economic trends and promising sectors. Attention turns to Trump's affordability measures and their implications, as well as the potential for broader market participation beyond mega-cap tech. Michael points out favorable conditions for cyclical sectors like transportation and housing due to lower mortgage rates. Risks tied to economic overheating and rising interest rates are also discussed, offering listeners a comprehensive view of what to expect in the coming years.
7 snips
Jan 4, 2026 • 7min
AI's 5-Minute Review Of 2025
An AI-generated analysis reveals fascinating insights about market dynamics in 2025. Despite a 16.4% rise in the S&P 500, there was notable narrative volatility. The hosts dissected the impact of abrupt tariff announcements and the ensuing V-shaped market recovery. Growth stocks maintained dominance, led by an accelerating AI narrative, while index concentration raised risks. The Fed's rate cuts, coupled with a cooling labor market, signaled cautious optimism in housing. Global contrasts emerged, highlighting potential shifts in market leadership.
Dec 21, 2025 • 51min
Jordi Visser: Why AI Is Rewriting the Business Cycle
In this discussion, we are joined by Jordy Visser to delve into how exponential innovation, particularly artificial intelligence (AI), is reshaping traditional business cycles. The conversation covers the potential of AI to drive earnings, enhance productivity, and impact labor markets, suggesting that the forthcoming PMI cycle could be one of the most significant in decades. We explore why AI isn't merely a bubble and its role in the evolving market dynamics. Additionally, the discussion touches on the societal impact of AI, its potential to reduce costs in various sectors, and the broad economic implications of these technological shifts. The episode concludes with a speculative outlook on market volatility, potential hedge fund disruptions, and the long-term societal adjustments required to navigate this AI-driven future.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
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.
