What's Next For Markets

In this episode, Michael and Stephen dig into one of the biggest questions facing markets: how much of the current economic and earnings strength is actually being driven by AI? Using company-level data built from thousands of earnings-call transcripts, they examine AI adoption, the companies benefiting from the AI build-out, and how many are actually seeing measurable improvements in margins and...

The third quarter is nearly in the books, and in this episode we take a look at what could drive markets through the final months of the year. With earnings expectations remaining strong, the focus is increasingly shifting toward market multiples and the forces behind them, particularly interest rates, oil prices and expectations for Fed policy. Michael explains why a market that has become mathem...

Interest rates have been one of the biggest market stories of 2026, but what is really driving them higher? Kurt Lewis of Piper Sandler joins the podcast to break down the outlook for the Fed, inflation, real rates and the term premium. We discuss why the 10-year Treasury may have a hard time returning to 4%, whether deficits are actually driving rates higher, how oil and supply shocks have change...

Anna Andreeva joins us to break down what’s really happening beneath the surface of today’s consumer. While the consumer remains resilient, Anna describes them as increasingly “finicky” and selective, forcing brands to compete on innovation, differentiation and scarcity. We discuss the growing bifurcation in consumer spending, why experiences and beauty continue to outperform, which brands are suc...

Don Schneider joins us to break down Treasury’s surprise buyback announcement and what it signals about the bond market, long-term rates and the government’s broader issuance strategy. We also discuss the persistent U.S. deficit, whether the economy can actually grow its way out of the debt burden, the outlook for tariffs and the market-moving policy decisions that could emerge between now and the...

Alex Goldfarb joins us to explain why a lack of new real estate supply could create a powerful opportunity for REIT investors. We discuss the rebound in office, industrial and retail, how AI is driving unexpected demand for space, and why construction costs are keeping new supply constrained. Alex also explains why he is even more bullish on real estate than he was a year ago and where he sees the...

This week, we break down the three biggest themes driving today's market: accelerating economic data, exceptional corporate earnings, and the broadening of market leadership. We discuss why manufacturing PMIs continue to surprise to the upside, what another outstanding earnings season says about the strength of corporate America, and why the market's leadership is rotating from high-beta...

EV adoption is entering a new phase as higher gasoline prices, robotaxis, artificial intelligence, and global competition reshape the automotive industry. We sit down with Piper Sandler's Alex Potter to discuss why Chinese automakers continue gaining market share, how Tesla's vertically integrated business model is changing the rules of manufacturing, and why autonomous driving may becom...

Enterprise software has been one of the market's biggest losers, but are investors overreacting to AI fears? Piper Sandler's Billy Fitzsimmons joins us to break down whether AI is truly disrupting the software business model, why valuations have collapsed, where opportunities still exist, and how Microsoft, Oracle, and the hyperscalers fit into the next phase of the AI investment cycle....

Consumer spending has been far more resilient than many investors expected, but the story isn't as simple as strong or weak. Peter Keith joins the podcast to explain why today's consumer is increasingly selective, how the K-shaped economy may finally be narrowing, and why certain retail categories are showing surprising strength despite ongoing housing weakness. We discuss what investors...

The second quarter delivered the strongest market performance in six years, but the headlines only tell part of the story. In this episode, we step back from the day-to-day market noise to explore the bigger trends that shaped the quarter and what they could mean for investors going forward. We discuss why the rally broadened beyond the largest technology stocks, how improving manufacturing data a...

The second half of the year is off to a strong start, but beneath the surface the market is changing. This week we're joined by Danny Kirsch to discuss why investors are increasingly looking beyond the AI trade and what that could mean for the next phase of the bull market. We dive into the broadening rally across the S&P 500, why semiconductor stocks have become unusually volatile, and h...

For the past few years, AI has been the market's defining story, but the conversation is beginning to evolve. In this episode, we examine why falling Treasury yields are becoming just as important as AI earnings, what the Fed may be signaling versus what the market believes, and why a broadening rally has quietly been taking shape. We also discuss how changing inflation expectations, improvin...

Inflation may be cooling faster than markets expect and the implications are big. This week, we sit down with Jake Oubina to break down why commodity shocks are fading, why core inflation is set to grind lower, and why the Fed may be done hiking for this cycle. We connect the dots from falling gas prices to improving consumer confidence, stronger job growth, and a potential tailwind for housing an...

In this episode, we go deep into the mechanics of index construction with Jackson Venjohn Head Of Index Rebalancing At Piper Sandler. With hundreds of billions in forced buying and selling, the rise of passive investing has fundamentally changed how stocks trade, how liquidity forms, and how opportunities emerge. We unpack the largest rebalance cycle ever, and how blockbuster IPOs like SpaceX coul...

In this episode, we unpack the profound shift reshaping markets: the transition from a growth-driven framework to one dominated by interest rates and inflation anxiety. What began in late 2023 as a simple observation—that falling rates lift equities while rising rates pressure them—has evolved into a full-blown regime change with deep historical parallels. We explore why “bad news” like softer eco...

Interest rates are once again the market’s main character and while headline indices sit near all-time highs, the story underneath is far less comfortable. In this episode, Michael unpacks the growing disconnect between index-level strength and deteriorating market breadth, We dig into the regime shift that’s made rates matter more than growth, the reflexive cycle between yields, economic data, an...

In this episode, we’re joined by Kevin Gordon, Head of Macro Research and Strategy at Charles Schwab, to break down one of the most confusing market environments in years. Despite geopolitical tension, rising rates, and persistent inflation concerns, markets continue to push to new highs. Kevin shares what he’s hearing from investors across the country, from retail to institutional and why the gap...

In this episode, Emily breaks down a week where stocks hit all-time highs even as interest rates and oil prices moved higher. So what’s really going on? The answer lies beneath the surface. Despite constant headline noise and investor skepticism, the underlying story is clear; this market rally is broader, stronger, and more fundamentally driven than many realize. The big question—can it continue?...

In this episode we sit down with Kurt Lewis, Head of Central Bank Policy at Piper Sandler and former Special Advisor to Fed Chair Jerome Powell. Kurt brings a rare insider perspective, having spent nearly two decades at the Federal Reserve, including during the global financial crisis, the COVID shock, and the recent inflation surge. From briefing policymakers to shaping conversations at the highe...

Four months into the year, markets have been anything but quiet. Headlines around oil prices, geopolitics, and inflation anxiety continue to dominate the narrative, but beneath the noise, the data tells a very different story. In this episode, we break down why resilient economic data is quietly driving markets higher. From surging PMI readings to improving earnings breadth across small, mid, and...

In this episode, we welcome back Jake Oubina, Managing Director and Deputy Head of Economic Research at Piper Sandler, for a wide-ranging discussion on the macro outlook. Despite geopolitical tensions, rising oil prices, and shifting sentiment, Jake has remained anchored to a 3% real GDP growth view. Together, we explore key risks ahead, including potential tariff re-escalation, shifting immigrati...

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 ear...

In this episode, we shift the focus from oil headlines to the force quietly driving everything underneath: interest rates. Four weeks into the Iran conflict, markets remain locked on energy, but as Michael explains, it’s the surge in rates that’s doing the real damage. With the 10-year yield climbing, mortgage rates rising, and rate cuts rapidly priced out, financial conditions are tightening fast...

In this episode, we sit down with Jan Stuart to unpack the escalating geopolitical crisis in the Middle East and why it could trigger a far broader global repricing across markets. Jan explains why the current disruption around the Strait of Hormuz is far more complex than an oil shock. While markets have largely treated the conflict as a one-variable story tied to crude prices, he argues the real...