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Oil Falls As More Ships Pass Through Hormuz | Bloomberg Businessweek Daily 6/24/2026

Watch on YouTube ↗  |  June 24, 2026 at 22:16  |  48:56  |  Bloomberg Markets
Speakers
Michael Contopoulos — Director of Fixed Income, Richard Bernstein Advisors
Katie Hubbard — President of U.S. Capital Markets, Walton Global
Ellen Wald — Senior Fellow, Atlantic Council (Energy Expert)

Summary

Oil fell below $70 on easing Hormuz tensions, but shipping risks linger. Janus Henderson's Contopoulos sees global equity broadening away from US chips. Walton Global's Hubbard touts Lennar and D.R. Horton for affordability. Political drama over the housing bill adds uncertainty.

  • WTI crude drops below $70 as tankers cross Strait of Hormuz, but expert warns the sell-off may be overdone.
  • Mike Contopoulos expects global equity rotation from US chips to Europe, Japan, EM, China on resilient earnings growth.
  • Katie Hubbard says homebuilders Lennar and D.R. Horton thrive by delivering smaller, more affordable homes.
  • Homebuilder stocks rally after Trump cancels signing of housing bill that included restrictions on institutional homebuyers.
  • GOP tensions with Trump flare over Iran, housing, and election security legislation.
  • Google loses more AI researchers to Anthropic and OpenAI, intensifying the AI talent war.
  • Micron earnings awaited as a key test for the AI-fueled semiconductor trade.
Ideas
Michael Contopoulos Director of Fixed Income, Richard Bernstein Advisors 17:34
Rotate from US chips to world stocks.
Capital has been concentrating in US tech and chips, but the global economy is resilient with accelerating earnings growth in Europe, Japan, emerging markets, and China. Markets should broaden, with client allocations moving from chips to the rest of the world's equities.
VGK EWJ FXI EEM MED
Katie Hubbard President of U.S. Capital Markets, Walton Global 26:07
Lennar, D.R. Horton win on affordability.
Lennar and D.R. Horton are adjusting by building smaller homes and offering financing incentives, successfully delivering affordability in markets where buyers can still manage the monthly payment. They are doing very well despite a challenging housing environment, even at the cost of some margin.
LEN DHI MED
Ellen Wald Senior Fellow, Atlantic Council (Energy Expert) 35:50
Oil sell-off is overdone.
The decline in oil prices on Strait of Hormuz reopening is probably overdone. There will be difficulty chartering tankers due to lingering fear and availability issues, and the normalization will be choppy. The current positive sentiment may be reacting more than warranted.
WTI BNO LOW
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This Bloomberg Markets video, published June 24, 2026, features Michael Contopoulos, Katie Hubbard, Ellen Wald discussing VGK, EWJ, FXI, EEM, LEN, DHI, WTI, BNO. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Contopoulos, Katie Hubbard, Ellen Wald  · Tickers: VGK, EWJ, FXI, EEM, LEN, DHI, WTI, BNO