What's Next For Markets

This week, we welcome back Jan Stuart to discuss the growing geopolitical risks shaping global energy markets and why the outlook for the conflicts in Ukraine and the Middle East remains largely unchanged. We explore the implications for oil and diesel prices heading into winter, the case for higher energy prices, and why prolonged supply disruptions are increasing the value of hard assets and independent producers. We also examine the risks surrounding U.S.-China relations, potential inflationary pressures and the broader macroeconomic implications heading into 2027.

With the midterm elections approaching, investors are increasingly focused on the potential for a shift in control of Congress and what it could mean for markets. This week, we sit down with political and policy analyst Don Schneider to examine the key Senate races, the possibility of a Democratic sweep and the investment implications of different election outcomes. We discuss the outlook for fiscal policy and government spending, potential winners and losers across sectors, the growing intersection of politics and AI infrastructure, and whether mounting deficit concerns could put further pressure on interest rates. We also look beyond the midterms to consider what today's political dynamics could mean for the policy landscape heading into 2028.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

After an extraordinary run of earnings growth and risk-taking, market leadership is beginning to shift. In today’s episode we discuss why the tailwinds that fueled the past 15 months may be fading, how higher oil prices and interest rates could weigh on growth, and why investors may increasingly favor quality over speculative beta. We explore the implications for AI-related stocks, the outlook for earnings into 2027, and how we see positioning for the next phase of the cycle, with an emphasis on cash flow, profitability, balance sheet strength and earnings momentum.

This week, we sit down with consumer analyst Anna Andreeva to unpack the findings from Piper Sandler’s 26th annual Teens Survey, exploring shifting brand preferences, rising price sensitivity, and the shift from athletic to dressier apparel. We discuss what these trends signal for consumer spending and where investors may find opportunities across footwear, apparel, and beauty.

Michael and Stephen are joined by Paul Newsome to discuss the evolving insurance landscape and where investors can find opportunities as the market cycle shifts. They examine the divergence between life insurers, property and casualty carriers, and insurance brokers, with a focus on interest rates, inflation, capital management, and rising M&A activity. The conversation also explores the potential impact of AI on insurance distribution and profitability, the outlook for homeowners insurance costs, and why select insurance companies may stand out for their balance sheet strength and returns on capital.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

This week we are joined by Danny Kirsch, head of the options desk at Piper Sandler, for a look beneath the surface of today’s resilient but increasingly narrow market. We discuss why investors have low conviction despite major moves in rates and oil, why the S&P 500 has become a less effective hedge, and what options positioning and volatility are revealing about investor sentiment. Danny also explore the narrowing AI trade, risks emerging in regional and European banks, the potential impact of the midterm elections, and where opportunities and vulnerabilities may be hiding as the market searches for its next catalyst.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

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 fundamentals. They also explore why the broader earnings recovery extends well beyond AI, what the data says about employment, and where pricing power and inflation pressures are showing up across sectors and industries.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

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 mathematically cheaper isn't necessarily more attractively valued, and why the outlook for oil and rates could be the biggest swing factor for stocks into year-end. They also discuss the fading potential for further multiple expansion among the mega-cap AI names and why investors may want to increasingly focus on profitable companies with strong earnings momentum as the economy moves toward 2027.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

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 changed the bond market, and why a higher neutral rate could mean a very different interest-rate environment going forward. We also discuss the Fed’s dot plot and whether it has become more trouble than it’s worth.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

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 successfully maintaining pricing power, and how tariffs are reshaping the industry. Anna also shares her views on the winners and losers across footwear, apparel and beauty, including who are the most exciting brands in the space right now.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures