Market update for Tuesday, January 20, 2026.

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Federal Reserve Deep Dive: watch here

Interview with Bloomberg’s Ashley Carmen: watch here

In today’s episode:

• Stocks slide as Trump’s Greenland tariff threat rattles global markets
• Small caps hit record highs while Big Tech continues to lag
• Tesla emerges as an early winner as Canada reopens its market to Chinese-made EVs
• Netflix goes all-cash in its bidding war for Warner Bros
• Winners and losers from today’s market, including RAPT Therapeutics and 3M
• The NYSE is exploring 24/7 trading for digital stocks

Ashley Carman, Reporter at Bloomberg, joins The Rundown to break down whether Spotify is entering a more fragile phase under its new co-CEOs. We dig into mounting competitive pressure from YouTube and Netflix, the state of podcast monetization, and whether Spotify still has real pricing power. Carman also explains how AI is quietly reshaping the creator economy—and what it all means for the future of the platform.

The Federal Reserve is one of the most powerful institutions in America, yet most people don’t fully understand how it works or why it matters.

In this weekend deep dive, Zaid breaks down why the Fed was created, how it evolved into the backbone of the U.S. financial system, and the critical role it has played during the Great Depression, World War II, the 2008 financial crisis, and the COVID-19 pandemic.

The episode also dives into the escalating clash between President Trump and Fed Chair Jerome Powell, why Trump wants lower interest rates, and why the Fed’s independence is now facing one of its biggest tests in decades.

From bank runs and inflation to political pressure and market credibility, this episode explains why the future of the Fed could shape the future of the economy.

If you enjoyed this episode, check out my interview with finance journalist and author of the bestseller book 1929, Andrew Ross Sorkin.