What's Next For Markets

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 growth stocks toward value and quality cyclicals. We also explore how a softer-than-expected jobs report could give the Federal Reserve more flexibility, why new all-time highs in financials and industrials matter, and what these trends suggest about the outlook for equities through the rest of the year and into 2027. If you're trying to understand what's really driving markets—and where opportunities may lie as this bull market matures—this episode connects the dots between the data, earnings, and investor positioning.

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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 become one of the biggest technological disruptions of the next decade. We also explore SpaceX's long-term ambitions, the future of robotics, how self-driving vehicles could transform insurance and car ownership, and why investors should think beyond traditional auto companies when evaluating the next wave of innovation.

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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. We also discuss vibe coding, consumption-based pricing, AI infrastructure spending, and why the eventual IPOs of OpenAI and Anthropic could reshape the entire software landscape.

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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 are hearing about oil prices, interest rates, the Middle East, and Federal Reserve policy, along with why many consumer-focused investors are becoming more optimistic for the second half of the year. Peter also shares where he's finding the biggest opportunities, including furniture, home-related products, and lower-income retail, while explaining why housing remains stuck waiting for lower mortgage rates. Finally, we preview earnings season, discuss the impact of tariff refunds and AI initiatives, and highlight the companies that could deliver the biggest surprises over the coming quarters.

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 and stronger-than-expected corporate earnings fueled gains across the market, and why the next phase of the AI trade may look very different from the last. We also examine shifting Federal Reserve expectations, the outlook for inflation, and the key indicators we'll be watching as earnings season begins. If you want to understand what really drove markets this quarter and where the opportunities and risks may lie next, this episode provides the context behind the headlines.
For full disclosure information visit: http://www.pipersandler.com/researchdisclosures