What's Next For Markets

In 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...

In 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 i...

This 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 expensiv...

In this Super Bowl Sunday episode, Michael and Stephen break down a volatile week in the markets that felt far worse than the major indices suggested. While mega-cap tech, software, and crypto saw sharp swings, the broader market quietly showed signs of strength, with value stocks and equal-weight indices hitting new highs.

Michael shares insights from a week of client meetings on the road and explains why the recent turbulence look...

In this episode, Piper Sandler Senior Analyst Crispin Love, discusses the current trends, misconceptions, and outlook in the mortgage finance space. He explains how mortgage rates have fluctuated from 7% to 6% recently and the impact on mortgage originations and refinancing volumes. Crispin highlights the significance of the rate of change in mortgage rates over their absolute levels and examines the factors influencing purchase an...

In this episode we talk with Jan Stuart, Global Energy Economist at Piper Sandler. We discuss the current state of the oil market, the potential tailwinds from economic growth, and how a shift in demand could impact the energy space by 2026. Jan highlights the importance of oil for the economy, predicting that demand won't decline significantly until the next decade. The episode delves into the geopolitical risks that could im...

In this episode, Michael discusses the team’s annual market outlook for 2026. The conversation explores key economic trends, policy developments, and the potential for broader market participation. Topics include the implications of Trump’s affordability measures, the impact of interest rates and oil prices, and specific investment opportunities for the year ahead. Michael shares a bullish view on cyclical sectors such as transport...

This week, we’re doing something a little different.

Instead of a traditional guest conversation, we fed our full 2025 Year-End Market Review into Google’s NotebookLM and asked it to generate a five-minute discussion summarizing the year in markets.

The result is an AI-generated conversation that distills a year’s worth of research, charts, and frameworks into a concise narrative — highlighting what actually drove markets in 2025, wh...

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 rol...

In this episode, Emily Needell sits down with Amy McAneny, partner and private equity tax leader at PWC, to discuss the One Big Beautiful Bill (OBBB) and its implications for individual and institutional investors. Amy explains critical changes such as the permanent 37% top individual tax rate, increased standard deductions, and enhanced depreciation deductions for US-based companies. The episode also explores how these tax updates...

In this episode, we’re joined by Danny Kirsch, Head of Options Strategy and the Trading Team at Piper Sandler. We recap the year’s market activity, discuss notable trading strategies, and look ahead to year-end and early-2025 positioning. Topics include key market catalysts, a standout options trade involving retail and the financial sector as optimistic bets for next year, and the potential impact of Fed rate cuts. We also cover s...

In this episode, we discuss the market outlook and the economic cycle through Michael’s HOPE framework. We outline the four pillars—Housing, Orders, Profits, and Employment—and examine current themes, including an “E-shaped” economy. The conversation explores leading indicators that may signal improvement in 2026, trends in the housing market, and the broader impact of employment dynamics on growth. Michael remains optimistic about...

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 ...

In this episode, we talk with Emily Needell Deputy Chief Investment Strategist at Piper Sandler, to discuss the dominance of 'The Mag Seven’. We delve into the unprecedented returns of these companies, over the past decade. The conversation covers the implications of these outsized returns on the market dynamics, the distortion they create, and the shifting definitions of what it means to outperform the market. They also explo...

In this episode of What’s Next for Markets?, Michael Kantrowitz sits down with Craig Johnson, Chief Market Technician at Piper Sandler, to break down the latest trends driving equity markets. From the technical setup across major indices to the underlying sector leadership and sentiment shifts, Craig shares how his charts are framing the next phase of this market cycle. Together, they explore where investors might find opportunity ...

In this week's podcast episode, we dive into the nuances of missing government data with Piper Sandler Economist Jake Oubina. He highlights the reliability of alternative data sources like the Adobe Digital Price Index and various private surveys. We discuss the accuracy concerns surrounding Non-Farm Payroll (NFP) reports and how private data could steer better insights. Additionally, we focus on recent inflation trends, parti...

In this episode we speak with Danny Kirsch, head of Piper Sandler's Options trading desk, about the recent market volatility and its implications. The discussion covers the spike in VIX and its impact on options trading, the state of regional banks following their earnings, and the effects of potential US-China trade agreements. Danny also provides insights into the differences between current market dynamics and those of the ...

In this episode, Don Schneider provides a comprehensive update on the recent government shutdown developments and their potential duration. We delve into the political strategies of both parties, highlighting Schumer's decision and Trump's management tactics, which are softening the shutdown's impact. Don also explains the implications of the shutdown on data reporting and how it affects investors. Furthermore, we ex...

This week on What’s Next for Markets I’m sharing a short excerpt from my hour-long conversation with Adam Taggart (Thoughtful Money). We discuss why the current backdrop looks like a post-inflation-shock “Goldilocks” environment, why earnings breadth appears to be healing, and what a broader leadership profile could mean for small caps, cyclicals, housing, and manufacturing.
Decide for yourself—does a slower, steadier expansio...