President Trump proposes Big cuts to health research, climate, and education programs.
Plus, the EU and China signal their desire to wind down the trade fight with Washington.
And to end a busy week for earnings,
we'll look at whether big tech can remain an island amid prevailing uncertainty.
There is certainly an element for the entire market of whistling past the graveyard, right?
At the same time, if we go back to look at what happened during the COVID pandemic era,
big tech stayed the core.
with its investments and came out with increased market share and market power and indeed market cap.
It's Friday, May 2nd.
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
The White House is set to release its fiscal 2026 budget today.
A wish list of presidential priorities we exclusively report proposes more than $160 billion in cuts to non-defense discretionary spending.
According to administration officials,
that would represent a 22.6% reduction from projected fiscal 2025 spending,
with the budget blueprint envisioning far-reaching cuts to federal environmental,
renewable energy, education, and foreign aid programs.
Immune from the proposed cuts are Medicare, Medicaid, and Social Security,
while the plan seeks spending increases for defense, border security,
air and rail safety, veterans, and law enforcement.