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Trade Tensions Rattle Wall Street’s Momentum

After an impressive streak of gains that pushed major U.S. indices to record highs, the stock market faced a sharp reversal as renewed trade tensions triggered investor anxiety. The Dow Jones Industrial Average, S&P 500, and Nasdaq all pulled back in Friday’s session, with financials and industrials leading the retreat. Concerns were reignited after new tariffs targeting tech and manufacturing imports between the U.S. and China surfaced, prompting fears of escalating economic friction. These measures, aimed at protecting domestic industries, were met with criticism from global partners and stoked uncertainty about the broader trade landscape. Analysts note that while earnings remain strong and economic indicators are still resilient, the shadow of protectionism looms large. Investor sentiment, which had been buoyed by dovish monetary policy and solid corporate results, now finds itself caught in geopolitical crosswinds. Many traders are now recalibrating their expectations heading ...
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Justice Department Proposes Reclassifying Marijuana as Less Dangerous Drug

 

In a groundbreaking move, the U.S. Justice Department has formally proposed reclassifying marijuana as a less dangerous drug. This historic shift in drug policy recognizes the medical uses of cannabis and acknowledges that it has less potential for abuse than some of the nation’s most dangerous drugs.

The proposed rule, approved by Attorney General Merrick Garland, does not legalize marijuana outright for recreational use. Instead, it moves marijuana from its current classification as a Schedule I drug (alongside heroin and LSD) to Schedule III (alongside ketamine and some anabolic steroids). This change comes after a recommendation from the federal Health and Human Services Department, which reviewed the drug’s status at the urging of President Joe Biden in 2022.

While this move doesn’t fully decriminalize marijuana, it represents a significant step toward reversing longstanding inequities. President Biden himself has been vocal about addressing the impact of marijuana-related convictions, and this reclassification could help boost his support, especially among younger voters.

The notice of proposed rulemaking submitted to the federal register initiates a 60-day comment period, followed by a potential review from an administrative judge. If implemented, this reclassification could signal a tectonic shift away from the failed policies of the last 50 years, according to the U.S. Cannabis Council, a trade group.

In summary, the Justice Department’s move to reclassify marijuana acknowledges its medical benefits and aims to correct past injustices. While the road ahead involves further steps, this development represents a significant milestone in U.S. drug policy.

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