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
Aug 31, 2025 • 14min
Is Change Afoot?
Emily Nadell, Deputy Chief Investment Strategist at Piper Sandler, shares her insights on the sizzling performance of equity markets, especially the S&P 500 hitting new highs. She elaborates on the contrasting returns between large growth and small-cap stocks amid persistent higher interest rates. The conversation shifts to the anticipated Fed rate cuts and their potential to uplift small caps. Emily underscores the need to monitor key economic indicators like employment and inflation to sustain market momentum, hinting at a cautiously optimistic economic outlook.
Aug 24, 2025 • 46min
Jim Bianco on Jackson Hole and the Fed’s Next Move
In this episode of What’s Next for Markets?, Michael Kantrowitz is joined by Jim Bianco, President and Macro Strategist at Bianco Research, for a wide-ranging conversation on the Fed, markets, and the bigger forces shaping the economy. Fresh off Jackson Hole, Michael and Jim dig into Jerome Powell’s latest message, the tension between inflation risks and a weakening labor market, and how immigration plays into the Fed’s calculus.They also tackle the bond market’s reaction, the rise of retail traders and zero-day options, the persistent struggles of small caps versus large caps, and why housing affordability remains stuck in crisis mode. Jim explains why he believes we’re in a permanently different post-COVID economy, what that means for rates and inflation, and why productivity and demographics may hold the key to the next cycle.Whether you’re focused on yields, earnings, or market structure, this conversation is packed with insights on how to navigate today’s crosscurrents.
Aug 17, 2025 • 25min
Tech Is Printing More Money Than The Fed
In this episode, we dive into the complexities of the tech sector. The discussion highlights the significant growth and earnings performance of the tech industry, comparing today's landscape to the tech bubble of 2000. The episode also explore the relative performance of small caps and global tech, highlighting the importance of strong fundamentals over sector labels. The conversation touches on portfolio management strategies and the divergent performances of various market sectors, concluding with insights into the challenges and potential of healthcare and industrial stocks.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Aug 10, 2025 • 16min
Inflation Tuesday
In this episode, we wrap up 2Q earnings and look ahead to key data to watch. We discuss the generally positive market sentiment, driven by factors such as the pricing out of tariff and inflation risks and anticipation of rate cuts. A key focus is the upcoming CPI report on August 12th and its potential impact on the market’s “Goldilocks” narrative. We also explore trends in small caps versus large caps, inflation indicators, and rate-sensitive equities.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Aug 3, 2025 • 35min
Deciphering The Fed's Next Move With Benson Durham
In this episode, We sit down with Benson Durham Head of Global Policy and Asset Allocation to discuss the dynamic landscape of financial markets amid key events and economic indicators. The conversation delves into the relationship between Chairman Powell and President Trump, market reactions to inflation and employment data, and the potential for rate cuts by the Federal Reserve. They analyze the recent soft payroll report and its implications, discuss the influence of tariffs, and explore how the Fed's decision-making process might evolve. The discussion also covers the long-term expectations for inflation, the anticipated impact of Federal Reserve policies, and the role of artificial intelligence and advanced econometric models in current financial analysis. Moreover, Benson shares personal anecdotes about his hobby of maintaining a vintage car, providing a human touch to an otherwise data-heavy discussion.
Jul 27, 2025 • 30min
Goldilocks? Navigating Record Highs And Future Risk
In this episode, long-time colleagues Michael and Emily delve into the current state of the financial markets as they hit record highs. They discuss the impressive rebounds seen in meme stocks and high beta ETFs, along with the broader market's resilience despite underlying concerns. Key topics include the potential for continued bullish momentum, the impact of Federal Reserve policies on interest rates, and the influence of macroeconomic data on market trends. They also explore the unique market dynamics characterized by large-cap stock leadership and the relative underperformance of small-cap stocks. The conversation wraps up with insights into the future trajectory of financials, the housing market, and the speculative surge in Bitcoin.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures.
Jul 18, 2025 • 35min
From Complacency to Potential Catalysts: Insights From Danny Kirsch Head Of Options Strategy At Piper Sandler
In this episode, we discuss with Danny Kirsch the parallels between current market complacency and pre-Liberation Day conditions. Danny explores the implications of extreme call buying, SPACs resurgence, and market liquidity. The episode covers the market dynamics, examining the Fed's pressure to cut rates and its impact on long-term yields, the role of volatility control strategies, and the influence of upcoming events like the August 1st market event. We delve into detailed analyses of credit spreads, equity exposure, inflation expectations, and potential catalysts like the AI summit and policy changes. The conversation also highlights strategies for hedging market risks and the impact of speculative trades in cryptos and tech stocks.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures.
Jul 13, 2025 • 16min
Decoding Quality: What Investors Need to Know
In this episode, Emily Needell, Deputy Chief Investment Strategist at Piper Sandler, joins us to explore the concept of "quality" in stocks. We discuss how quality is defined, the key metrics used to identify high-quality companies, and common misconceptions surrounding the term. Indicators such as high profitability, strong interest coverage ratios, and robust free cash flow are highlighted as hallmarks of quality. We also challenge traditional assumptions, including the notion that low leverage and high dividend yields necessarily signal quality. Finally, the episode examines why quality stocks have consistently outperformed in recent years, particularly in a range-bound economic environment with elevated interest rates.
Jul 6, 2025 • 39min
A Deep Dive With Economist Jake Oubina: Understanding The Data In A Data Dependent World
In this episode, we have in an in-depth discussion with economist Jake Oubina about the current economic landscape. We discuss the Federal Reserve's potential actions, inflation trends, and the housing market outlook. Jake shares his insights on how uncertainty over the past six months has affected consumer behavior, housing, and labor markets. He emphasizes the importance of lower interest rates, deregulation, and capital investment to stimulate economic growth. The discussion also touches upon the quality of economic data, including CPI and employment figures, and how alternative data sources can provide a more accurate picture. Jake concludes by addressing the complexities of inflation post-COVID and the impact of tariff policies on economic growth. This episode offers a comprehensive look at the factors shaping the current economy and provides actionable insights for market participants.
Jun 29, 2025 • 49min
Tesla … Beyond Tomorrow With Alex Potter
In this episode, we speak with Alex Potter senior research analyst at Piper Sandler and take a deep dive into Tesla and its disruptive influence. The conversation touches on various broad topics including automakers, EVs, politics, infrastructure, energy usage, and technology. The discussion highlights Tesla's transformation of the auto industry and its broadened scope influencing tech, industrials, consumer and energy sectors. Alex discusses Tesla's comparison to Amazon and Apple, suggesting Tesla is more than an automaker, much like Amazon is more than a bookseller. Other points include the role of policy and global EV adoption trends, especially contrasting the aggressive EV policies in China with the more tempered approach in the U.S. The conversation also covers Tesla's unique approach to manufacturing, supply chains, and advanced technologies, including real-world artificial general intelligence. Overall, a detailed exploration of Tesla's current influence and future potential in the global market.
