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
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.
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
