WSJ What’s News – PM Edition

Episode Date: March 23, 2026
Title: Is the U.S. in Talks With Iran to Potentially End the War?
Host: Danny Lewis (for The Wall Street Journal)

Episode Overview

This episode centers on the conflicting reports around possible U.S.-Iran negotiations to end the ongoing war. President Trump has publicly claimed that productive talks are underway, signaling a potential diplomatic breakthrough and a postponement of military strikes. However, Iran publicly denies such talks, leaving the true state of diplomatic efforts uncertain. The episode breaks down market reactions to these developments, the ongoing crisis at U.S. airports due to Homeland Security funding impasse, and other top business and political headlines.

Key Discussion Points & Insights

1. U.S.-Iran Negotiation Claims and Responses

[00:25–04:38]

• President Trump claims "productive talks": Early Monday, Trump announced postponement of U.S. military strikes on Iranian infrastructure, crediting momentum from "productive" negotiations between Washington and Tehran. He outlined tentative points of agreement, including a prohibition on Iranian nuclear weapons and regime change.

  "He said talks would continue today. He told reporters there were several points of agreement between the US And Iran over a potential deal to end the war." – Danny Lewis (00:59)

• Iran denies direct talks: Iranian officials categorically dismissed any direct negotiations with the U.S., instead acknowledging that Gulf countries are seeking diplomacy. Arab intermediaries are playing a key role.

  "The Iranians denied any talks at all, but suggested that Gulf partners have been in with both sides and that seems to be where the talks are playing out." – Alex Leary (02:13)

• Change in U.S. approach: Over the weekend, Trump had threatened forceful action against Iran, especially if the Strait of Hormuz was not reopened. His tone has since shifted from confrontation to negotiation.

  "Trump was very much in an aggressive posture over the weekend, and here comes now where he's talking about de-escalating this and having talks and really seeking a way out." – Alex Leary (02:49)

• Complexity and skepticism: Despite the apparent shift, negotiation details remain vague and numerous challenges persist—including Iran’s high demands for ending hostilities, the war’s intensity, and risks faced by Gulf states.

  "This is definitely the most concrete, though...a lot of details remain unsettled and unknown." – Alex Leary (03:04) "Iran has set a high bar for ending hostilities. What does that mean for a potential deal? The challenges remain immense here." – Pierre Biennomme and Alex Leary (04:07)

2. Market Reaction to Diplomacy News

[04:38–05:50]

• Immediate market turnaround: Following Trump's statement, U.S. stock futures rapidly shifted from losses to significant gains, while oil prices plummeted.

  "S and P futures actually flipped from a 0.7% loss to a 2.5% gain on the day in a matter of literally five minutes. Oil prices did the opposite." – Hannah Aaron Lange (04:55)

• Winners and volatility: Major indices rallied over 1%. Airlines and other heavy energy users saw their stocks jump, but energy markets remain fragile and could see ongoing volatility.

  "Some of the biggest winners today are fuel guzzling industrial companies like airlines...we may not exactly be back to normal in the energy markets and we might see more market volatility until we get there." – Hannah Aaron Lange (05:50)

3. U.S. Homeland Security & Airport Security Crisis

[07:04–08:48]

• LaGuardia runway crash: LaGuardia Airport reopened after a fatal runway collision, sparking broader concerns about airport safety.

• Long security lines and ICE deployment: Funding for the Department of Homeland Security has lapsed, except for ICE, causing severe TSA staffing shortages. ICE agents have been deployed to airports for crowd control, though they are not directly assisting with screenings.

  "TSA officers are working without paychecks because of lapsed funding. For the Department of Homeland Security...ICE remains fully operational...They don't seem to be doing that much...Mostly seemed to be giving people directions on where to stand." – Danny Lewis & Cam McWhirter (07:59)

• Stalemate in DHS funding: Trump has rejected a compromise funding plan, holding out for legislation that would require proof of citizenship to vote (the SAVE America Act).

  "Only settle if you get the Save America Act, voter ID and so important, proof of citizenship." – President Trump (09:16)

4. Other Notable Headlines & Policy Developments

[09:16–end]

• Supreme Court and Mail-In Ballots: The court appears inclined to take a stricter stance, potentially blocking states from counting late-arriving mail-in ballots—a decision that could impact hundreds of thousands of votes.

  "A broad ruling from the court could stop states from counting hundreds of thousands of late arriving ballots." – Danny Lewis (09:36)

• Bipartisan Senate bill on prediction markets: New legislation aims to ban sports betting on prediction market platforms, fueling industry debate.

  "A Kalshi spokeswoman says such a ban would push the behavior offshore." – Danny Lewis (10:16)

• Hyundai Palisade recall: 69,000 SUVs recalled due to rear seat safety concerns after a fatal incident.

• Obituaries:

  • David Simon (Simon Property Group): Visionary mall owner, dies at 64.
  • Leo Radvinsky (OnlyFans): Entrepreneur behind the rise of OnlyFans, dies at 43.

Notable Quotes & Memorable Moments

• [02:13] Alex Leary:

  "That was a surprise Truth Social post by President Trump early this morning. Sort of sent shockwaves across Washington and beyond..."

• [02:49] Alex Leary:

  "Trump was very much in an aggressive posture over the weekend, and here comes now where he's talking about de-escalating this and having talks and really seeking a way out."

• [04:55] Hannah Aaron Lange:

  "The reaction to the president's post this morning was pretty immediate. S and P futures flipped from a 0.7% loss to a 2.5% gain...in a matter of literally five minutes."

• [09:16] President Trump:

  "Only settle if you get the Save America Act, voter ID and so important, proof of citizenship..."

Important Timestamps

• 00:25–04:38: U.S.-Iran negotiations; conflicting official statements
• 04:55–05:50: Market response to negotiation news; effects on stocks and oil
• 07:04–08:48: Airport security crisis due to DHS funding lapse
• 09:16–09:36: White House, Congressional standoff over DHS funding and voting law
• 09:36–11:15: Supreme Court voting case, prediction market bill, major recalls, obituaries

This episode offers a concise but substantive survey of major U.S. policy, economic, and global security developments as of March 23, 2026. It captures the volatility and uncertainty in both geopolitics and markets, with direct attributions and a balanced journalistic tone throughout.