The Rundown – January 20, 2026

Host: Zaid Admani
Main Topics: Trump’s Greenland Trade War Threats, Canada-China EV Deal and Tesla’s Position, Netflix’s All-Cash Bid for Warner Bros Discovery, Major Stock Movers, Tokenized Securities on NYSE

Episode Overview

Today’s episode covers the stock market’s reaction to escalating geopolitical tensions, notably President Trump’s tariff threats involving Greenland and the EU, their effect on market volatility, and the broader investor climate. Host Zaid Admani also dives into a breakthrough Canada-China electric vehicle deal (and what it means for Tesla), Netflix’s revised bid for Warner Bros Discovery, key movers on the day’s stock ticker, and the New York Stock Exchange’s move towards 24/7 tokenized securities trading.

Key Highlights & Insights

1. Market Snapshot and Volatility Spike

• Context:
  • After a modest decline in major indices last week, small caps outperformed, with the Russell 2000 at record highs, up 8% YTD. (00:40)
  • Persistent geopolitical headlines—Venezuela, Iran, now a DOJ investigation into the Federal Reserve—have fueled a climate of uncertainty.
• Main Event:
  • President Trump’s weekend threat to hit eight European countries with tariffs unless Greenland is sold to the U.S. (01:30)
    • “Trump says the US needs to own Greenland for national security reasons.” — Zaid Admani [01:40]
    • Denmark, which governs Greenland, has rejected the idea outright; EU considers countermeasures.
• Impact:
  • S&P 500 and Nasdaq futures dropped over 1% pre-market, with gold and silver hitting record highs as investors seek safety; VIX spiked to its highest since November.
  • “Volatility is also picking up — the VIX spiked to its highest levels since November.” [02:15]
• Looking Ahead:
  • The World Economic Forum in Davos may offer a forum for de-escalation, but uncertainty remains.

2. Earnings Season Preview

• Netflix and United Airlines report later today, with Intel, Tesla, Microsoft, Meta, and Apple all set to report soon. If earnings impress, market narrative may shift “back to fundamentals instead of geopolitics.” [03:00]
• Zaid’s advice: Now is a “great time to get subscribed to the podcast and tune in every day to stay in the loop.” [03:30]

3. Canada-China EV Deal: Implications for Tesla

• Breakthrough Deal:
  • Canada scraps its 100% tariff on Chinese EVs, replacing it with a 6.1% tariff in return for China easing restrictions on Canadian canola exports. (04:00)
  • Canada will permit 49,000 Chinese-built EVs/year, possibly increasing to 70,000 in five years.
• Tesla’s Advantage:
  • Tesla already produces a Canada-specific Model Y in Shanghai and imported 44,000 EVs to Canada before the tariff.
  • “Tesla has 39 stores in Canada, while Chinese competitors including BYD and NIO, have no sales presence in Canada right now. So Tesla has an advantage.” [05:00]
• Limitations and Future Competition:
  • Half the EV import quota is reserved for vehicles under $25,000, but all Teslas in Canada are above that price point.
  • BYD and NIO’s cheaper models may eventually undercut Tesla’s advantage.
• Bigger Picture:
  • Canada’s movement towards economic alignment with China is “one of the outcomes that some economists had warned could happen because of President Trump’s aggressive and sometimes erratic trade policies.” [06:10]
  • The White House warns “Canada will regret allowing Chinese EVs into their market… [and] made it clear that these cars would not be allowed in the U.S.” [06:40]

4. Netflix’s All-Cash Bid for Warner Bros Discovery

• Deal Update:
  • Netflix amends its bid to be all-cash at $27.75 per share for Warner’s studio and streaming business, including HBO Max.
  • Move comes after Paramount’s competing $30/share cash offer for the entire company.
• Host’s Take:
  • “Low key, I’m kind of getting sick of this story. I just want one of them to win, close the deal, combine it with their existing streaming service so I have one less streaming service I have to pay for.” — Zaid Admani [08:00]
  • Anticipates story dragging on for up to a year due to regulatory hurdles.

5. Notable Stock Movers

• Wrapped Therapeutics (RAP):
  • Surging 60% after pharma giant GSA’s $2.2B buyout ($58/share), adding ‘Ozu Rep Rhubart’ (an allergy immunology drug) to GSA’s diverse pharma portfolio. [08:40]
• 3M:
  • Despite beating on earnings and forecasting 3-4% revenue growth for 2026, shares fell over 4%. Zaid attributes this to the broader market selloff rather than 3M's fundamentals.
  • “The pitch for 3M isn’t explosive growth…it’s stability, cash flow and dividends.” — Zaid [09:40]

6. NYSE Adopts 24/7 Tokenized Securities

• Project in Development:
  • NYSE parent Intercontinental Exchange is creating a trading system for tokenized stocks/ETFs, with 24/7 trading and instant settlement via blockchain.
  • “Clearly the New York Stock Exchange has been inspired by how crypto works.” — Zaid Admani [10:10]
• Awaiting SEC Approval:
  • Zaid calls the current market open/close “pretty archaic in today’s world,” expressing enthusiasm for modernization despite tradition.

Notable Quotes and Memorable Moments

• On market resilience:
  • “Overall, stocks are holding up pretty well given the nonstop headlines to start the year.” [01:10]
• On Tesla’s window of opportunity in Canada:
  • “Tesla could see a short term sales bump in Canada because of this new tariff. I think the bigger story here though is that Canada, which has historically been one of the U.S.’s closest allies, is moving closer to China.” [05:45]
• On streaming wars fatigue:
  • “Low key, I’m kind of getting sick of this story… I just want one of them to win, close the deal, combine it with their existing streaming service so I have one less streaming service I have to pay for.” [08:00]
• On modernization of markets:
  • “It is pretty archaic in today’s world.” — On the need for modernization in stock trading [10:48]

Timestamps for Key Segments

• 00:40 — Market performance and geopolitical headline rundown
• 01:30 — Trump’s Greenland tariff threats and EU’s response
• 02:15 — Market reaction: Volatility spike, gold & silver rally
• 03:00 — Upcoming earnings announcements and possible market pivot
• 04:00 — Canada-China EV deal details; Tesla advantage analysis
• 05:45 — Trade policy implications and White House response to Canada
• 07:05 — Netflix’s all-cash bid for Warner Bros Discovery
• 08:40 — Pharma and pharma-adjacent M&A (Wrapped Therapeutics, GSA)
• 09:40 — 3M earnings and market reaction
• 10:10 — NYSE’s development of a 24/7 tokenized trading system

Summary

This fast-paced episode captures a market shaken by unconventional global moves and rapid-fire dealmaking. Admani combines wry commentary with actionable analysis—helping investors see both short-term catalysts and longer-term shifts in geopolitics, industry, and technology. From a possible transatlantic trade war led by an unpredictable White House, to the realignment of Canada/China relations over EVs, to the next arms race in streaming, and the NYSE’s leap into blockchain, this Rundown is densely packed with the context and color investors need to navigate 2026’s turbulent waters.