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
Apr 2, 2026 • 17min
Q 2026: From Goldilocks To Oil Shock
In this episode, we sit down with Emily Needell to unpack a truly remarkable start to 2026, one that may go down as one of the most eventful quarters in recent memory. What began as a near “Goldilocks” environment, with improving economic data, falling rates, and long-awaited market broadening quickly evolved into something far more complex. We explore three defining themes of the quarter: the early-year macro strength that fueled optimism around a broader market rally, the sharp unwind in mega-cap AI leaders that left many investors lagging behind despite improving breadth, and the sudden geopolitical shock from the Iran conflict that reshaped everything.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
8 snips
Mar 29, 2026 • 16min
Inflation Psychology And The Oil Shock
Discussion centers on the surge in interest rates and how rising yields and mortgage costs are tightening financial conditions. Analysis of the powerful link between oil shocks and renewed rate volatility. Exploration of why bonds and stocks are moving together and why traditional diversification may be breaking down. Historical context on inflation-driven market stress and the risk of demand destruction from higher energy costs.
7 snips
Mar 16, 2026 • 27min
Jan Stuart On Why The One-Variable Market Could Become Much Bigger
Jan Stuart, a geopolitical and macro strategist focused on supply chains and energy, breaks down why the Strait of Hormuz disruption is more than an oil story. He maps how shocks could spread to LNG, fertilizers, aluminum, chemicals and semiconductors. Jan also outlines scenarios for reopening the strait and the broader geopolitical shifts reshaping global industry.
6 snips
Mar 8, 2026 • 14min
One Variable Market
The conversation centers on how a crude oil spike turned markets into a one-variable battleground where leadership goes binary. They examine oil futures structure and why investors care more about how long high prices last than the spot level. The discussion covers defensive positioning during shocks, signals that would extend the shock, and where opportunities may appear once the oil-driven fear peaks.
Mar 1, 2026 • 25min
Danny Kirsch On Todays Shoot First, Ask Questions Later Market
Danny Kirsch, a market strategist focused on equity dispersion, sector rotation, and options activity, breaks down a market that looks calm but is anything but. He digs into mega-cap fatigue and equal-weight strength. He explores capital moving into cyclicals, industrials, materials, and energy. He also highlights surging single-stock volatility and booming options activity.
Feb 22, 2026 • 19min
Davids vs. Goliaths: The Broadening Beneath the Surface
They unpack how headline mega-cap volatility hides one of the strongest market breadths in years. They compare index concentration with equal-weight and small-cap strength. They highlight early-cycle economic green shoots and a framework suggesting a soft landing. They explore implications for rotation into cyclicals, value, and short-duration stocks while flagging credit and geopolitical risks.
Feb 16, 2026 • 27min
A Volatile Week For Markets; What Are Clients Talking About?
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 expensive growth stocks—the overall market remains near highs. The team breaks down what’s driving the disconnect between sentiment and price action, how investors are reacting, and what could stabilize markets in the near term.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Feb 8, 2026 • 22min
A Market Meltdown… or a Market Rotation?
A look at wild swings in mega-cap tech and crypto while the broader market quietly gained ground. Discussion of money shifting from momentum into value and cyclicals. Exploration of improving small- and mid-cap earnings and a HOPE framework view of housing, orders, profits, and employment. Thoughts on softer job data helping a potential soft landing and what to watch as leadership broadens.
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.
