You have obvious water problems with all that rust - water running down the wall is getting into the box and pooling there. The insulation on the leads to the fixture look bad too. Hope you shut that breaker before opening that up (it may well already have tripped on its own!)
Suggest you replace the fixture - a water-tight box that seals and flashing will be an important part of the long term fix, and will keep water out of the wall too!
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