Bloomberg Surveillance 4/27/2026

Watch on YouTube ↗  |  April 27, 2026 at 14:34  |  2:24:19  |  Bloomberg Markets
Speakers
Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets
Sonal Desai — Editor, Bloomberg Opinion
Russ Koesterich — Chief Investment Strategist, BlackRock
Jonathan Krinsky — Chief Market Technician, BTIG
Kristen Bitterly — Citi Wealth
Olivia Wassenaar — Apollo
Dan Niles — Founder & Portfolio Manager, Niles Investment Management
Greg Daco — Chief Economist, EY-Parthenon

Summary

The episode covers the ongoing closure of the Strait of Hormuz and its impact on oil prices, with expectations of higher-for-longer crude. Analysts debate the sustainability of the record rally in semiconductors and AI tech stocks ahead of big tech earnings, while the Fed faces a leadership transition as Kevin Warsh clears a hurdle to become chair. Investment ideas include long U.S. equities, tech, and gold, while shorting semis and avoiding long bonds are also proposed.

  • Oil prices rise as Strait of Hormuz remains closed, with Goldman Sachs raising Q4 forecast to $90.
  • Semiconductors have had an 18-day winning streak, with technical analyst expecting a sharp retracement.
  • Big tech earnings this week are critical to justify the rally, with focus on capex and AI agentic workloads.
  • Fed Chair Powell may step aside as Warsh nomination advances, but inflation concerns persist.
  • Investors advised to add tech exposure, hold gold as diversifier, and avoid long-end bonds.
  • Canadian energy infrastructure seen as attractive for supply diversification.
  • Google favored among big tech names due to agentic AI growth.
  • Mag7 earnings growth expected to accelerate relative to rest of market.
Trade Ideas
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 4:47
U.S. equities are a safe haven.
U.S. equities are a global safety trade benefiting from the ongoing war in the Middle East, and this is likely to continue as long as concerns about the war's duration remain elevated.
SPY HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 6:07
Tech earnings resilient to conflict.
Earnings for the AI and tech trade are resilient and will not be significantly damaged by the Middle East conflict, supporting continued investment in these sectors.
XLK MED
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 7:20
Mag7 earnings growth accelerating.
The Magnificent 7 cohort shows accelerating earnings growth rates relative to the rest of the market in 2027 expectations, extending their leadership.
QQQ MED
Steven Schork President, The Schork Group 34:15
Oil higher for summer.
Oil prices will remain higher for longer through the summer and into the third quarter due to upcoming peak demand season, low inventories, and a lack of demand destruction so far.
USO HIGH
Sonal Desai Editor, Bloomberg Opinion 44:18
Avoid long-end bonds.
Long-term bonds are not pricing in persistent inflation and a higher neutral rate, making them unattractive as investments.
TLT MED
Jonathan Krinsky Chief Market Technician, BTIG 79:09
Semis parabolic, expect retracement.
The semiconductor rally is parabolic and historically such moves are followed by a sizable retracement, making a near-term reversal likely.
SOXX HIGH
Kristen Bitterly Citi Wealth 103:47
Gold as portfolio ballast.
Gold remains a useful portfolio diversifier given geopolitical uncertainty, central bank buying, and a recent pullback that shook out retail speculation.
Gold (GLD) MED
Olivia Wassenaar Apollo 112:48
Canada energy infrastructure attractive.
Canadian energy infrastructure is an attractive investment due to growing global LNG demand, the need for supply diversification, and Canada's access to Europe and Asia.
ENB MED
Dan Niles Founder & Portfolio Manager, Niles Investment Management 141:47
Google favorite for AI.
Alphabet (Google) is the favorite among big tech names due to agentic AI driving revenue growth, while other names face guidance risks after a massive run.
GOOGL HIGH
Up Next
5:04
Energy and nuclear themes are back, driven by AI and geopolitics, says Alumni Ventures' Laura Rippy
CNBC · Apr 27
3:08
Washington Attack Raises Presidential Security Issues
Bloomberg Markets · Apr 27
1:10
Washington DC Gala Shooting Suspect Due in Court
Bloomberg Markets · Apr 27
3:40
Why DeepSeek V4 Impresses Despite Lack of 'Wow' Factor
Bloomberg Markets · Apr 27
3:14
Wendy Cutler: What’s at Stake at the Trump-Xi Summit
Bloomberg Markets · Apr 27

This Bloomberg Markets video, published April 27, 2026, features Lori Calvasina, Steven Schork, Sonal Desai, Jonathan Krinsky, Kristen Bitterly, Olivia Wassenaar, Dan Niles discussing SPY, XLK, QQQ, USO, TLT, SOXX, Gold (GLD), ENB, GOOGL. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lori Calvasina, Steven Schork, Sonal Desai, Jonathan Krinsky, Kristen Bitterly, Olivia Wassenaar, Dan Niles  · Tickers: SPY, XLK, QQQ, USO, TLT, SOXX, Gold (GLD), ENB, GOOGL