About this episode
Kevin Gordon is the head of macro research and strategy at Charles Schwab's Center for Financial Research. He joined Phil Rosen on Full Signal to discuss the top-heavy bull market, comparisons to the dot-com bubble, the K-shaped economy, signals from alternative economic data, and more. Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/ Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ Watch on YouTube: https://youtu.be/vxdPVSIo_HE TIMESTAMPS: 0:00 - Intro 0:27 - Concentration in stock market 3:33 - Top-heavy market as 'new normal' 5:40 - AI vs. dot-com bubble 9:43 - AI driving layoffs 13:46 - White-collar recession 17:12 - How Kevin uses AI at Schwab 18:32 - Alternative job market data 21:24 - Labor market cycles 23:27 - Economists have been wrong all year 26:08 - Vibecession vs. vibepression 29:00 - K-shaped economy 33:36 - Fed rate cuts 36:13 - Where stocks go in 2026 #podcast #investing #markets #macro #stocks #bitcoin #fed