Oil Surges After Iran Strait Closure | Open Interest 4/20/2026

Watch on YouTube ↗  |  April 20, 2026 at 16:51  |  1:27:11  |  Bloomberg Markets
Speakers
Elena Popina — Head of Content, The Block
Sheila Kahyaoglu — Senior Airlines Equity Research Analyst, Jefferies
Amanda Agati — Chief Investment Officer, PNC Asset Management Group
Ed Ludlow — Co-Host, Bloomberg Technology
Liana Baker — Reporter / Correspondent
Nancy Tengler — CEO & CIO, Laffer Tengler Investments
Todd Miller — Head of Crypto, VanEck
Ben Kovler — Co-founder, Blockworks
Ian Bremmer — President and Founder, Eurasia Group
Michael McKee — International Economics & Policy Correspondent, Bloomberg

Summary

The US stock market remains resilient despite escalating tensions in the Middle East, including the US seizing an Iranian ship and the closure of the Strait of Hormuz. Investors are looking past the geopolitical noise, focusing instead on strong corporate earnings and a booming M&A environment. Key discussions highlight opportunities in defense, software, and private equity secondaries, alongside the potential market impact of Kevin Warsh's upcoming Fed confirmation hearing.

  • Equities hold steady as investors look through Middle East geopolitical risks.
  • Defense contractors see strong demand amid rising global security budgets.
  • Software and communication services are favored due to strong earnings and attractive valuations.
  • QXO acquires TopBuild for $17 billion, signaling robust M&A activity in homebuilding products.
  • Google partners with Marvell to develop custom AI inference chips.
  • The private equity secondary market experiences a liquidity-driven boom.
  • Cannabis operators anticipate growth from potential federal rescheduling to Schedule III.
Trade Ideas
Elena Popina Head of Content, The Block 10:39
Traders are repositioning into energy and defense.
Traders are repositioning into neglected areas like energy, natural metals, and aerospace and defense, which are performing well amid geopolitical tensions, even as AI remains a primary focus.
XLB MED
Elena Popina Head of Content, The Block 10:39
Traders are repositioning into energy and defense.
Defense stocks are hot due to increased global security spending, with the US base budget expected to rise 10-20% and NATO spending increasing. Both US and European defense contractors will benefit as capacity constraints force dual sourcing.
ITA MED
Elena Popina Head of Content, The Block 10:39
Traders are repositioning into energy and defense.
Despite geopolitical noise, strong corporate margins and tax tailwinds support equities. The portfolio is overweight software, consumer discretionary names like Ulta and TJX, and industrials including GE and GE Vernova, while trimming energy exposure.
XLE MED
Amanda Agati Chief Investment Officer, PNC Asset Management Group 27:14
Strong earnings support software and communication services.
The broader market is poised to grind higher, supported by strong 17% earnings growth expectations. Investors should favor communication services, inflation-resistant business models, and software, which has become dirt cheap and is rallying strongly.
SPY XLC IGV HIGH
Ed Ludlow Co-Host, Bloomberg Technology 33:20
Google and Marvell partner on inference chips.
Google is partnering with Marvell to develop an inference-specific TPU to lower the cost of running AI models, which could level the playing field against Nvidia's dominance in the AI chip market.
MRVL GOOG MED
Ed Ludlow Co-Host, Bloomberg Technology 33:20
Google and Marvell partner on inference chips.
Google is partnering with Marvell to develop an inference-specific TPU to lower the cost of running AI models, which could level the playing field against Nvidia's dominance in the AI chip market.
NVDA MED
Ed Ludlow Co-Host, Bloomberg Technology 36:04
AST SpaceMobile lost a critical satellite payload.
AST SpaceMobile lost a satellite after Blue Origin's rocket put it in the wrong orbit, meaning it will be decommissioned and AST will have to rely on insurance, dealing a blow to its small constellation.
ASTS MED
Liana Baker Reporter / Correspondent 40:23
QXO is aggressively consolidating homebuilding product distributors.
Brad Jacobs is aggressively consolidating the homebuilding products and insulation space through QXO, having just acquired TopBuild for $17 billion, and is well-funded to continue making both large and small acquisitions.
QXO MED
Nancy Tengler CEO & CIO, Laffer Tengler Investments 55:19
Overweight software, consumer discretionary, and industrial stocks.
Despite geopolitical noise, strong corporate margins and tax tailwinds support equities. The portfolio is overweight software, consumer discretionary names like Ulta and TJX, and industrials including GE and GE Vernova, while trimming energy exposure.
XLY ULTA TJX XLI GE GEV HIGH
Todd Miller Head of Crypto, VanEck 60:30
Private equity secondaries are seeing booming demand.
The private equity secondary market is booming and has gone mainstream as institutional investors use it for portfolio management and liquidity, with recent vintages pricing well and average discounts around 10-12%.
PSP MED
Ben Kovler Co-founder, Blockworks 78:16
Cannabis rescheduling will benefit established premium operators.
The potential federal rescheduling of cannabis to Schedule III is a major positive catalyst that will improve access and research, benefiting established operators producing high-quality indoor flower as state-level legalization continues to expand.
MSOS MED
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This Bloomberg Markets video, published April 20, 2026, features Elena Popina, Amanda Agati, Ed Ludlow, Liana Baker, Nancy Tengler, Todd Miller, Ben Kovler discussing XLB, ITA, XLE, SPY, XLC, IGV, MRVL, GOOG, NVDA, ASTS, QXO, XLY, ULTA, TJX, XLI, GE, GEV, PSP, MSOS. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Elena Popina, Amanda Agati, Ed Ludlow, Liana Baker, Nancy Tengler, Todd Miller, Ben Kovler  · Tickers: XLB, ITA, XLE, SPY, XLC, IGV, MRVL, GOOG, NVDA, ASTS, QXO, XLY, ULTA, TJX, XLI, GE, GEV, PSP, MSOS