House Passes Budget Stopgap | Balance of Power 7/23/2026

Summary

The episode covers a surge in oil above $100 per barrel amid escalating Iran conflict and Houthi attacks threatening two maritime chokepoints. Tech stocks sell off sharply as investors punish AI capex after Tesla and Alphabet earnings disappoint. The House passes budget stopgap, NDAA, and a congressional stock trading ban, while senators discuss the path ahead for funding and defense. Bob McNally warns of an oil price bubble about to burst higher; Eric Weiner explains the big tech selloff linked to war and inflation risks.

• Oil (Brent) tops $100 for first time in this conflict, WTI up 6.5% as Iran threatens wider war and Red Sea attacks.
• Tech sinks: Tesla -14% post-earnings, Alphabet -6.5% after AI capex worries; Mag Seven index down 4.7%.
• Defense stocks rally: Lockheed Martin and RTX raise outlook on geopolitical spending.
• House passes budget resolution for Pentagon funding, NDAA, and lawmaker stock trading ban.
• Senators Ted Budd and Todd Young discuss the war's cost and domestic policy needs; Budd emphasizes pro-energy to insulate from oil shocks.
• Bob McNally of Rapidan Energy says traders' optimism unwarrated, expects oil to repriced much higher.
• Eric Weiner says the shift from rewarding to punishing AI capex is a new risk for mega-cap tech, especially with inflation and growth uncertain.
• Congressman Bryan Steil hopeful for crypto regulatory clarity via the Clarity Act; Senator Young pushes SHIPS Act for US shipbuilding.