U.S. job growth fuels a market rebound with all major stock indexes on the rise, President Trump announces an end to taxpayer funding for NPR and PBS, and political unrest brews in Canada despite a fresh Liberal Party election win. Get the facts first with Morning Wire.Balance of Nature: Go to https://balanceofnature.com and use promo code WIRE for 35% off your first order as a preferred customer PLUS get a free bottle of Fiber and Spice.ZocDoc: Find and instantly book a top-rated doctor today. Visit https://Zocdoc.com/WIRE
Chapter 1: What are the key highlights of Trump's economy?
The good parts of the Trump economy and the bad parts of the Biden economy because he's done a terrible job. He did a terrible job on everything.
I'm Georgia Howe. John Bickley is off today. It's Monday, May 5th, and this is Morning Wire. NPR and PBS threaten legal action after Trump ends their taxpayer funding. There will be a shrinking of the system. Will it die? Absolutely not. And is Canada's new liberal government already showing signs of weakness?
Chapter 2: How is Canada's political landscape changing?
Canada is in crisis. Mark Carney is in, but the country is on the edge.
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After a tumultuous month, stocks are rallying following a better than expected jobs report and optimism about trade deals. Daily Wire senior editor Cabot Phillips joins us now to discuss. So Cabot, Wall Street has had a wild few weeks. Where do things stand now?
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Chapter 3: What recent developments are influencing the stock market?
Yeah, wild to say the least. After a tough few weeks, markets have now taken a bullish turn. On Friday, the Dow, Nasdaq, and S&P 500 all jumped about a point and a half. The S&P saw its ninth straight day of gains. That's its longest winning streak in 20 years. Overall, the Dow is now within 2% of where it was when Trump kicked off his Liberation Day tariffs.
And the S&P 500 and NASDAQ are actually higher than they were before. Now, markets have been fickle. There's always a good chance those gains are erased in a day or two. But there's no doubt this is a remarkable recovery we've seen.
And the administration is touting this as a success. Yeah. So what caused that turnaround?
So first, the April jobs report came out Friday and showed a lot more growth than we'd expected. Initially, economists had predicted there'd be 133,000 jobs added in April, but that number came in at 177,000, so 33% higher than expected. Unemployment also held steady and hourly wages saw a 4% increase from the same month last year. So all good news.
And zooming out, it's worth noting who exactly those jobs are going to. Remember, under President Biden, foreign-born workers added nearly 4.5 million jobs. But for that same four-year time frame, the number of American-born workers actually fell. So all of the net job growth from 2021 to 2024 in the U.S. was concentrated among folks born outside of the U.S.
But in April, the number of foreign-born workers decreased, meaning all of the net job growth we saw last month was among American-born workers. Wow. And it was also concentrated in the private sector. As government employment declined for its third straight month, you can see Doge really kicking the gear.
So it sounds like employers are hiring despite the tariffs.
Yeah, at least more than we were expecting.
And it's Americans, it looks like.
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Chapter 4: Why is Trump withdrawing funding from NPR and PBS?
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President Trump signed an executive order Thursday defunding public broadcasting giants NPR and PBS. Both outlets are promising to fight the order in court. Joining us with the details is Daily Wire culture reporter Megan Basham. So Megan, first, why is Trump pulling funding from these organizations?
Well, you know, President Trump has made it very clear for some time that he's no fan of public broadcasting. Just recently, he posted that Republicans must defund and totally disassociate themselves from NPR and PBS, the radical left monsters that so badly hurt our country. So close quote, of course, there.
And he said that taxpayer funding of media networks is not only outdated and unnecessary, but corrosive to the appearance of journalistic independence. Well, on Thursday, he made that policy official. The president signed an executive order to eliminate about 535 million annually to NPR and PBS and other public media.
But in a statement Friday, Patricia Harris, president and CEO of the Corporation for Public Broadcasting, immediately shot back at this, saying that the company is not subject to the president's authority. She says Congress authorized the funding, so only Congress can end it. Paula Kerger, president of PBS, also put out a statement. She called Trump's order blatantly unlawful.
This is what she told PBS NewsHour last week.
This is probably the most difficult and serious threat in the time that I've been in public broadcasting. This idea that funds that had already been put aside for public broadcasting would be taken away.
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