WSJ “What’s News” – Episode Summary

Episode: Will Market Turbulence Spread Beyond Metals?
Date: February 2, 2026
Host: Luke Vargas (The Wall Street Journal)
Featured Reporter: Chelsea Delaney (WSJ Markets)
Other Contributors: Anat Peled (Middle East reporter), Catherine Sayre (Entertainment reporter)

Overview

This episode dives into significant market turbulence rooted in a dramatic selloff of precious metals, particularly silver and gold, which expanded to broader risky assets like cryptocurrencies. The discussion also covers the tense U.S. government funding negotiations, the reopening of Gaza’s Rafah border crossing under Trump’s peace plan, the revelation of unredacted Jeffrey Epstein victim files, and the fast-evolving AI impact on the music industry.

Market Selloff: Metals, Cryptos & Safe Havens

Segment: 00:59 – 04:08
Main Discussion:

• After a year-long, extraordinary rally in metals (gold up 60%, silver doubling), the market hit a major correction last Friday.
• Major selloffs in metals led to a cascading effect across global markets, also hitting cryptocurrencies (bitcoin dropping below $77,000).
• Some stability appears as treasury bonds (a “safe haven”) rise, and the U.S. dollar, previously under pressure, steadies.

Key Insights & Quotes:

• “A week ago, this metals rally had seemed practically unstoppable, but we’ve seen a big unwinding, to put it mildly.”
  — Luke Vargas (01:24)
• “Metals…just soaring. And last week it hit the wall…this has been a kind of mind boggling rally.”
  — Chelsea Delaney (01:52)
• Underlying reasons for the metals rally: fears of U.S. dollar debasement and unpredictability in U.S. policy.
• Turning point: President Trump’s nomination of KE as Federal Reserve Chair calmed some investor nerves by signaling potential policy stability (01:59–02:52).
• “Gold, this sort of safe haven, is now trading like a meme stock… So this might just be a positioning washout.”
  — Chelsea Delaney (03:42)

Reassurance for Investors:

• Amid widespread selling, treasuries behaving as a “safe haven” is a positive for panicked retail investors.

U.S. Government Shutdown Standoff

Segment: 04:12 – 05:42
Summary:

• The U.S. government begins the week partially shut down, with the Senate passing a stopgap funding bill late Friday, but the House remains divided.
• Key sticking points: Department of Homeland Security (DHS) funding and demands for operational reforms, particularly regarding ICE.
• Notable Quotes:
  • “Body cameras should be mandatory, masks should come off, judicial warrants should absolutely be required… consistent with the Constitution, in our view.”
    — Hakeem Jeffries, House Minority Leader (04:43)
  • “The reason that ICE agents wear masks is to protect their own identities and protect their own families.”
    — Mike Johnson, House Majority Leader (05:21)
• Political tension is high as House leaders face internal divisions, and the Republican majority is shrinking following a recent special election win by Democrat Christian Menefee (05:30).

Epstein Files Disclosure and Fallout

Segment: 05:42 – 07:58
Details:

• DOJ’s new document release unintentionally exposed the identities of 43 Epstein victims — a violation of federal requirements to redact such information.
• Exposure has led to online harassment of named survivors, raising government accountability questions.
• DOJ’s current process for removing victim names is seen as “re-traumatizing” for many survivors.

Gaza-Egypt Rafah Crossing Reopens

Segment: 07:58 – 08:54
Key Developments:

• The Rafah border between Gaza and Egypt reopens for the first time since October 2023, fulfilling a major requirement of President Trump’s Gaza peace plan.
• Only Palestinian residents who left after the outbreak of war are allowed to cross, subject to strict security measures.
• This marks the potential beginning of a new administrative phase in Gaza involving a technocratic Palestinian body.

Memorable Quote:

• "The reopening of the crossing is expected to facilitate the entry of a Palestinian technocratic body that is supposed to oversee day-to-day governance of Gaza as part of the second stage of the truce."
  — Anat Peled (08:37)

Geopolitics and Investment: Trump, UAE, and Crypto

Segment: 08:54 – 09:40

• A Trump family crypto venture recently received a half-billion-dollar investment from Sheikh Tanun bin Zayed Al Nahyan — the “Spy Sheikh” and UAE’s National Security Advisor.
• The deal, inked before Trump’s return to the White House, included the UAE gaining access to U.S. AI chips.

AI’s Disruptive Impact on the Music Industry

Segment: 09:40 – 11:34
Main Points:

• Grammy Awards spotlight rapidly changing music industry, with AI-generated tracks a contentious issue.
• Grammy eligibility clarified: “AI does not disqualify you… but eligible music must be based on human artistry.” (Recording Academy CEO, 10:40)
• Explosion of AI-generated music: 50,000 tracks uploaded to Spotify daily.
• Industry confronts copyright, monetization, and artistic authenticity — big labels are both litigating (e.g., against Suno) and partnering with AI startups for fan-made music.

Notable Quote:

• “It’s going to be a huge year for AI in the music industry.”
  — Catherine Sayre (11:26)

Notable Timestamps and Segments

• 01:49–04:08: Chelsea Delaney on metals selloff, investor psychology
• 04:12–05:18: Partisan wrangling over DHS funding and the government shutdown
• 07:58–08:54: Anat Peled in Israel, live update on Rafah crossing and stakes for Gaza
• 09:40–11:34: Catherine Sayre on AI’s music industry disruption, Grammy policy

Conclusion

This episode offers a brisk yet comprehensive rundown of global markets shaken by rapid reversals in precious metals and cryptocurrencies, political gridlock in Washington, Middle East geopolitical shifts, legal and ethical fallout from DOJ missteps, and the evolution of the music industry under an AI deluge. Throughout, reporters maintain a clear-eyed, analytical tone, noting that volatility in one asset class can rapidly echo across economies and societies, while policy and technology debates continue to reshape the business and cultural landscape.