Markets Climb Despite Trump Tariffs, Oil Hits
By Amanda Castro and Hannah Parry
U.S. stock futures increased Friday morning as Wall Street anticipated another blockbuster session fueled by Big Tech earnings. Market sentiment is in spite of fresh labor data and rising tariff tensions under President Donald Trump that hang over the economic horizon. Investors are attempting to decipher mixed signals from the April jobs report, Apple and Amazon earnings, and tariff-related warnings from oil titans Chevron and Exxon.
What to Know:
Dow futures rose 370 points; S&P 500 and Nasdaq up 1%.
April jobs report: 177,000 jobs added, 4.2% unemployment.
Apple beat earnings but warned of a $900M tariff hit.
Amazon posted strong sales, AWS growth, and record margins.
Chevron and Exxon profits fell on lower oil prices, tariffs.
Trump's tariffs seen pressuring energy and retail sectors.
Stay with Newsweek for the latest.
10:17 AM EDT
Trump: US 'did more than any other Country' to win WWII
Trump posted on Truth Social Wednesday that he is renaming May 8th as Victory Day for World War II and November 11th as Victory Day for World War I. He said the U.S. did "more than any other Country" to secure victory in both wars and criticized current leaders for not celebrating those wins.
10:17 AM EDT
Carney set to meet with Trump on Tuesday
Canadian Prime Minister Mark Carney is scheduled to meet with President Donald Trump at the White House on Tuesday, Bloomberg reports.
The focus of the meeting has not yet been revealed.
10:15 AM EDT
Russian state TV says nuclear strike would turn US into 'Waterworld'
In a provocative remark on Russian state television, Vladimir Solovyov, host of The Evening With Vladimir Solovyov, warned that a Russian nuclear strike could transform the United States into a post-apocalyptic landscape reminiscent of the 1995 film Waterworld.
Newsweek contacted the Russian press office and the U.S. State Department for comment on Friday via email and online form, respectively.
The comment was made in response to recent remarks by Republican U.S. Senator John Kennedy, who had described Russian President Vladimir Putin as deserving to be turned into "fish food."
As reported by Newsweek, Kennedy leveled harsh criticism at Putin, accusing him of failing to approach peace talks with seriousness in an interview with Fox News.
Read the full story by Emma Marsden on Newsweek.
10:08 AM EDT
Lawyer opens practice to represent targets of Trump
A prominent Washington lawyer says she is opening a new practice,Lowell & Associates, to represent people who have been targeted by the Trump administration.
Abbe Lowell is currently representing New York Attorney General Letitia James after a Trump official called for her to be investigated for bank fraud for helping her niece buy a house in Norfolk, Virginia. Lowell sent a letter to the Justice Department last week urging it to refuse the request which he called "improper political retribution."
He is also representing Miles Taylor, a former Trump administration official, after the president called for a DOJ investigation into his activities, and Washington lawyer Mark Zaid, whose security clearance Trump has moved to revoke.
Past clients have also included Hunter Biden and Jared Kushner.
Lowell said he was "excited to once again lead a small yet nimble team ready to represent companies, non-profits and individuals in need of our experience and dedication."
10:00 AM EDT
Jamil Jaffer warns of national security risks from Trump administration resignations
Former Justice Department official and national security expert Jamil Jaffer warned Thursday on CNN that Trump administration resignations could be a threat to national security. In an interview with anchor Audie Cornish, Jaffer explained Mike Waltz's ouster as national security adviser as evidence of growing internal instability.
Jaffer described Waltz's reassignment to U.N. ambassador as a "promotion on paper" that effectively puts him farther away from the center of Trump's inner circle. He pointed to increasing influence by players like Stephen Miller and from outside the administration, like Laura Loomer, as contributing to instability.
"This is not a traditional administration," Jaffer said. "And it's not good for national security."
Jaffer also cited the involvement of real estate developer Steve Witkoff and the dual hat of senior leaders like Senator Marco Rubio, now juggling several top positions.
09:46 AM EDT
Prominent Washington lawyer opens his own practice, will represent targets of Trump's retribution
Veteran defense attorney Abbe Lowell has launched a new firm, Lowell & Associates, with a mission to represent clients facing legal threats under the Trump administration, per The Associated Press.
Lowell, known for representing high-profile figures like Hunter Biden, Jared Kushner, and Senators John Edwards and Bob Menendez, is currently defending New York Attorney General Letitia James. Last week, he urged the Justice Department to reject a mortgage fraud case against her, calling it politically motivated.
He is also representing former Trump official Miles Taylor and attorney Mark Zaid, both of whom have been targeted in recent Trump directives. Lowell said his new firm will focus on helping individuals and organizations "in need of our experience and dedication."
09:39 AM EDT
Trump says there is 'no inflation' and Federal Reserve 'should lower its rate'
President Donald Trump said on Friday that there is "no inflation" as he once again called for the Federal Reserve to lower its rate.
"Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs," he posted on his social media site Truth Social.
"Just like I said, and we're only in a TRANSITION STAGE, just getting started!!!
"Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!! DJT."
09:33 AM EDT
Army eyes massive parade tied to Trump's birthday and service anniversary
The Army is preparing for a possible military parade on June 14 that would involve more than 6,600 troops, 150 vehicles, 50 helicopters, seven bands, and thousands of civilians, according to the Associated Press.
The date marks both the Army's 250th anniversary and Trump's 79th birthday. While the parade has not been finalized, it reflects Trump's long-standing interest in hosting a large-scale military celebration in the nation's capital.
The internal documents, dated April 29 and 30, outline the most recent version of the Army's plans for the event on the National Mall.
09:15 AM EDT
US adds 177,000 jobs in April in big boost for Trump
U.S. President Donald Trump
U.S. President Donald Trump walks towards Marine One on the South Lawn on May 1, 2025 in Washington, DC. Andrew Harnik/Getty Images
The U.S. added 177,000 jobs in April and the unemployment rate was unchanged, a boost for President Donald Trump after surprise data earlier in the week that the economy shrank in the first three months of the year.
The U.S. Bureau of Labor Statistics (BLS) said the unemployment rate held firm at 4.2 percent. Employment was ticking up broadly across the private sector, while it was down with the federal government.
The Department of Government Efficiency (DOGE), spearheaded by Elon Musk, has slashed federal spending, including cutting jobs at various departments, since Trump entered the White House in January.
"Employment continued to trend up in health care, transportation and warehousing, financial activities, and social assistance. Federal government employment declined," the BLS said.
Read the full story by Shane Croucher on Newsweek.
09:01 AM EDT
Trump signs order to cut federal funding for PBS and NPR
Trump signed an executive order Thursday directing federal agencies to halt public funding for PBS and NPR, accusing both broadcasters of spreading "radical, woke propaganda." The move targets the Corporation for Public Broadcasting and other sources of government support, demanding they eliminate both direct and indirect subsidies.
The White House announced the decision on social media, claiming taxpayer dollars should not fund what it calls biased reporting. The action continues Trump's broader push to defund and restructure cultural institutions he sees as politically opposed to his agenda.
Since returning to office, Trump has cut funding to several public organizations and removed leadership from national arts and media agencies.
08:48 AM EDT
Rubio takes on dual national security roles in Trump shake-up
Marco Rubio has been thrust into two of the most powerful foreign policy positions in the U.S. government, taking over as national security adviser while continuing to serve as secretary of state.
Rubio replaces Mike Waltz and is now the second person in U.S. history to hold both jobs at once, following Henry Kissinger in the 1970s.
08:35 AM EDT
Justice Department asks Supreme Court to end protections for Venezuelans
The Justice Department has asked the Supreme Court to halt a lower court ruling that kept Temporary Protected Status (TPS) in place for Venezuelans, allowing them to remain and work legally in the U.S., The Associated Press reported Friday morning. The request comes after a federal judge in San Francisco blocked the Trump administration's effort to end the program, and an appeals court upheld that decision.
TPS is granted in 18-month periods to people from countries experiencing war, natural disasters, or other crises. The Trump administration has tried to revoke protections for around 600,000 Venezuelans and 500,000 Haitians.
The emergency appeal came the same day a federal judge in Texas ruled that a separate effort to deport Venezuelans under an obscure wartime law was illegal. The two cases are not connected.
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08:22 AM EDT
Democrats face 'major wake-up call' as Trump trounces them in polling
harris trump
President Donald Trump, left, speaking at a campaign rally, Oct. 18, 2024, in Detroit, and former Vice President Kamala Harris, right, speaking at a campaign rally in Green Bay, Wis., Oct. 17, 2024. AP
Just months into Donald Trump's second term, a new round of polling has delivered a jolt to Democrats, revealing that Trump is more trusted than them in Congress.
Recent polls have shown Trump's approval ratings declining and his popularity at an all-time low. Despite this, polls still seem to show that Trump is commanding more trust than his main opposition party.
This dynamic not only strengthens Trump's hand as he advances his second-term agenda but also signals a daunting challenge for Democrats heading into the 2026 midterms—one that could further erode their influence at both state and federal levels.
Read the full story by Martha McHardy on Newsweek.
08:08 AM EDT
Online shoppers could pay more as Trump closes import loophole
The Trump administration has ended a tariff exemption that allowed cheap goods from Chinese retailers like Shein and Temu to enter the U.S. duty-free. The move, announced just after midnight Friday, eliminates the so-called de minimis exemption, which applied to packages valued under $800.
The exemption had helped Chinese e-commerce giants thrive in the U.S. market by avoiding duties. Now, packages from China and Hong Kong will face a 120% tax or a flat fee starting at $100, which will double to $200 on June 1.
Trump called the loophole a "big scam" and vowed to shut it down as part of his broader crackdown on Chinese imports. The change could raise prices for American online shoppers who rely on fast, low-cost deliveries from overseas retailers.
07:55 AM EDT
As Trump clashes with courts, most Americans say he's overstepping
A new AP-NORC poll shows most Americans believe Trump is using too much power in the way the government operates, even as he faces resistance from the federal courts. While about half of U.S. adults say Trump is overstepping, only 3 in 10 say the courts have too much authority.
The views fall sharply along party lines. Most Republicans say federal judges hold too much sway, while just a fraction say the same about Trump. In contrast, nearly 9 in 10 Democrats believe Trump has gone too far.
The poll comes as Trump continues to test presidential limits, issuing record executive orders, defying court rulings, and taking steps to shrink the federal workforce without congressional input. While the GOP-led Congress has largely supported him, courts have often been the main check on his power.
The poll also shows concern about presidential overreach growing since 2024, especially among Democrats and independents. Other surveys echo these worries, with many Americans saying the president should not be able to override the courts, even if he disagrees with their rulings.
07:41 AM EDT
Trump says Harvard tax-exempt status will be stripped
This morning, Trump made a Truth Social post declaring that Harvard's tax-exempt status will be removed.
The Ivy League university's tax exemption is due to educational and research purposes.
07:34 AM EDT
Donald Trump describing declaration of independence goes viral
Footage of President Trump being asked what the Declaration of Independence means to him has gone viral on social media, several commentators suggesting he didn't know what the document was.
Newsweek contacted the White House for comment on Friday via email outside of regular office hours.
Trump has made a number of history related gaffes during his political career, including a 2019 Independence Day speech when he said the Continental Army "took over the airports" during the Revolutionary War, despite this being more than a century before the invention of human flight.
The latest one is unlikely to concern Trump's base, but polling indicates the president has lost popularity in recent weeks, his net approval rating dropping to -11 percentage points according to a YouGov/Yahoo poll conducted between April 25 and 28.
Watch the expression on the interviewer's face when Trump doesn't know what the declaration of independence is.
Don't migrants who apply for a citizenship have to know what the Declaration of Independence is?
Why doesn't the president of the United States know?
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