We are still 'constructive' on equities, says Piper Sandler's Michael Kantrowitz

• Piper Sandler is 'constructive on equities' and sees the current market rotation as a positive broadening out driven by macro and earnings data.
• Believes we are in the early innings of broadening earnings growth, a trend not seen in about four years.
• Soft employment data is viewed as beneficial, helping to keep 10-year Treasury rates from rising and supporting a soft landing scenario for the economy.

Michael Kantrowitz of Piper Sandler remains constructive on equities, attributing the current market rotation and broadening out to improving macro and earnings data. He believes soft employment data is ironically a positive, as it keeps interest rates from rising, fueling a 'soft landing' scenario. He anticipates this trend of broadening market strength to continue.