Senate Will Leave For Recess Without Budget Vote | Balance of Power: Late Edition 5/21/2026

Summary

The episode covers Senate Republicans failing to advance a reconciliation bill due to internal disputes over a weaponization fund and other provisions. John Bolton argues negotiations with Iran are futile and advocates for reopening the Strait of Hormuz militarily. The EU ambassador emphasizes freedom of navigation and energy diversification. Market updates include IBM surging on quantum chip funding and NVIDIA dipping then expected to recover.

• Senate Republicans shelve reconciliation bill after pushback on $1.8 billion weaponization fund and other provisions.
• John Bolton says Iran negotiations are a waste and recommends reopening the Strait of Hormuz with force.
• EU ambassador Jovita Neliupšienė affirms support for freedom of navigation and notes Europe's limited direct dependence on Strait of Hormuz oil.
• President Trump postpones an AI executive order citing competition with China.
• IBM shares rally on news of $1 billion quantum chip award from the White House.
• NVIDIA shares dip post-earnings but Romaine Bostick expects a short-term bounce.
• Market commentary highlights broadening AI trade toward Korean, Taiwanese, and Chinese chip stocks.
• Walmart shares fall 7% on consumer weakness and inflationary pressures.