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 course 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 it 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. Lawmakers will likely spend months debating which

elements of the plan should become law. Meanwhile, President Trump has signed an executive order cutting off federal funding of

public media, including PBS and NPR, saying that, quote, neither entity presents a fair,

accurate, or unbiased portrayal of current events to taxpaying citizens.

His efforts to shut down funding for public broadcasting

are the latest of several battles with the media, including a defamation suit against Disney's

...