Show notes
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/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Watch on YouTube: https://youtu.be/vxdPVSIo_HETIMESTAMPS: 0:00 - Intro0:27 - Concentration in stock market3:33 - Top-heavy market as 'new normal'5:40 - AI vs. dot-com bubble9:43 - AI driving layoffs13:46 - White-collar recession17:12 - How Kevin uses AI at Schwab18:32 - Alternative job market data21:24 - Labor market cycles23:27 - Economists have been wrong all year26:08 - Vibecession vs. vibepression29:00 - K-shaped economy33:36 - Fed rate cuts36:13 - Where stocks go in 2026 #podcast #investing #markets #macro #stocks #bitcoin #fed