# Market Rotation, Media Cuts, and Regulatory Risks

**Podcast:** WSJ What’s News
**Published:** 2026-02-04

## Transcript

The price revolution.
Electro-mobility for all.
The EC3 is up 16,990 Euro.
Another big tech sell-off on Wall Street brings the Nasdaq down with it.
Plus, Republicans push back on Democrat efforts to rain in ice.
So congressional Republicans have said some things are reasonable, the big one being the body cameras, but there are big fissures outside of that.
And when it comes to diplomacy with the US, Iran is playing hardball.
It's Wednesday, February 4th.
I'm Alex Ossole for the Wall Street Journal.
This is the PM edition of What's News?
The top headlines and business stories that move the world today.
If these stocks are overvalued, you're seeing a lot of those concerns come to the forefront again this week, but they aren't necessarily new.
Another thing that we've seen recently is this rotation out of some of the biggest names in the AI trade into these less crowded bets like blue chips or even international equities.
So you're seeing that dynamic take shape again today.
Sales of Zetbound and Moonjaro more than doubled in the fourth quarter.
The company is also preparing to launch a new weight loss pill that analysts say could be a hit since some patients prefer pills to injections.
Shares jumped more than 10%.
Federal regulators are investigating Nike for allegedly discriminating against white workers.
The Equal Employment Opportunity Commission is looking into whether Nike's DEI objectives resulted in, quote, a pattern or practice of disparate treatment against white employees.
It's seeking information on how Nike selects workers for layoffs and how it tracks workers' race and ethnicity.
Nike didn't immediately respond to a request for comment.
And in media, the Washington Post is cutting one-third of its staff across the newsroom and in other departments.
The newspaper says it's a strategic reset that will mean less coverage of sports and international news with a focus on national news and features, investigations, and advice on health and wellness topics.
Border czar Tom Holman announced the drawdown today, but he made it clear that the administration plans to continue large-scale immigration operations in Minneapolis.
Turns out that might have been the easy part.
As part of that deal, Republicans and Democrats now have less than two weeks to negotiate legislation that would place new restrictions on immigration enforcement, one of the nation's thorniest policy debates, before the temporary funding for the Department of Homeland Security runs out on February 13th.
For more on where the negotiations go from here, I'm joined by Congressional Reporter Siobhan Hughes from the Senate Press Gallery.
Sioban, we got here because after the shooting of Alex Predy in Minneapolis, Democrats are asking for changes to how immigration officials operate.
What are Democrats asking for?
What they want is for ICE to be reined in.
So Democrats have a whole list of demands.
It's things like mandating that immigration officers carry their ID, that they wear body cameras, also tightening rules on use of warrants, that you'd be required to go to a judge to get a warrant before you force your way into somebody's home.
A lot of Republicans don't seem super optimistic about these negotiations.
Where do congressional Republicans stand on Democrats' demands?
So congressional Republicans have said some things are reasonable, the big one being the body cameras and in fact there was about 20 million dollars in the prior DHS bell for those body cameras but there are big fissures outside of that.
For example, Republicans simply don't trust Democrats on the warrants issue.
They think that what Democrats are trying to do is make it impossible to expel the migrants who have entered the country illegally.
And then on top of that, Republicans say, you know, wait a second, if you want to reopen this conversation about immigration, well, we too have some demands.
And what we would like is to end so-called sanctuary cities, those localities where local officers are effectively barred from working with the immigration officers.
These negotiations are likely to be very, very difficult.
And in fact, just moments ago, I caught up with Senator Katie Britt, who is the top Republican on the subcommittee that funds the Homeland Security Department.
And she said we're going to need at least one other short-term extension in order to try to work out a package.
So, what does that mean for funding for border patrol ice and the other agencies within DHS if they're not going to hit this deadline?
Well, it means different things for different entities.
In the big beautiful bill that was enacted last year, there was $75 billion for ICE.
There was $65 billion for customs and border protection.
And so those entities have money regardless of what Congress does.
But there are other entities housed within DHS that could potentially be at risk.
If you are a TSA agent working at the airports, or if you're somebody who works for FEMA, that's where the problem could come.
And it's not hard to imagine a scenario in which Congress does multiple of these short-term continuing resolutions or even throws their hands up and decides we're not going to reach a deal.
Let's just fund this through the end of the fiscal year.
Of course, Siobhan, I don't have to tell you this is a midterm year.
Could these negotiations and what comes out of them play a role in the election?
This is going to be a major role in the elections.
Republicans are hoping that Democrats overplay their hand here, and that you hear so many cries of defund ICE that it reminds people that it was the Biden presidency in which millions of people entered the country illegally.
Democrats would like to put a focus on the fact that Donald Trump's immigration policy resulted in the death of two American citizens in Minneapolis.
That was Wall Street Journal reporter Sivan Hughes.
Thanks so much, Siobhan.
Good to be here.
Safe.
The country is pushing instead for a narrower discussion in Oman.
And Iran is also making military moves.
As we reported yesterday, it launched a drone at an American aircraft carrier and sent gunboats to harass a US flagged oil tanker.
WSJ Middle East correspondent Jared Melson says Iran's changes to the planned discussions are part of a strategy to throw the US off balance.
Number one, they're trying to put pressure back on the US after the Trump administration has been dialing up the pressure on Iran in response to the crackdown on these protests that took place in December and January, and Iran's also trying to get a format and a venue for the upcoming negotiations that will be more advantageous to them.
The White House has said it's committed to finding a diplomatic solution and that talks will go ahead.
The 60-year-old man who was convicted of trying to assassinate President Trump got a life sentence today.
Ruth represented himself during the trial and told the jury he never intended to kill Trump.
His court appointed lawyer had asked for a 27-year sentence.
And finally, sold the fifteen million dollars.
Young Lion Resting now ranks as one of the priciest drawings ever sold at auction, and is the latest sign that the art market is roaring back after a years-long slump.
And that's what's news for this Wednesday afternoon.
Today's show is produced by Pierre Bienamé and Alexis Moore with supervising producer Tali Arbell.
I'm Alex O'Soleph for the Wall Street Journal.
We'll be back with a new show tomorrow morning.
Thanks for listening.
Hey, Berlin.
Wusstest du, dass du mit deinem Ökostrom richtig was bewegen kannst?
Denn je mehr den Ökostrom der Berliner Stadtwerke beziehen, desto mehr können wir gemeinsam für unsere Stadt tun.
Denn die Berliner Stadtwerke investieren direkt hier vor Ort in eine saubere Stromversorgung.
Zum Beispiel in Solaranlagen auf den Dächern unserer Stadt und in viele weitere grüne Energieprojekte.
Berliner Stadtwerke.
Gut für dich.
Gut für Berlin.