Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, May 1.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange — here’s what we’re watching on TheStreet today.
Stocks are coming off a rough month with all three major averages ending April in the red. The S&P 500 and Nasdaq fell 4 percent, while the Dow fell 5 percent, posting its worst monthly performance since September 2022.
Investors are looking ahead to the Federal Reserve’s decision on interest rates. Analysts are widely expecting the central bank to hold interest rates steady for the sixth straight meeting. The two-day policy meeting will wrap up at 2:00 p.m. Eastern Time, followed by a press conference with Fed Chair Jerome Powell. Investors will be paying close attention for hints on whether the Fed will cut rates anytime soon.
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In other news - the U.S. government is officially changing its stance on marijuana. Marijuana is currently classified as a Schedule One narcotic — grouped with other drugs like heroin and ecstasy.
But the Department of Justice has recommended it be changed to a Schedule Three controlled substance. According to the DEA, Schedule Three substances are defined as drugs with a moderate to low potential for physical and psychological dependence. That would put it in line with prescription drugs such as Tylenol with codeine and anabolic steroids.
Marijuana has long been accepted for medicinal use — with 38 states allowing it for medical purposes. But over the last decade it has become a multi-billion dollar industry. Colorado legalized the recreational use of cannabis for adults in 2014, and now, according to MJBiz, it’s a more than $32 billion market. Recreational use is legal in 24 states, two U.S. territories, and Washington D.C.
The American public has also grown more accepting of recreational marijuana use over the last 10 years. In a 2014 Gallup poll, only 51 percent of Americans said they supported cannabis legalization. In November of 2023, that number rose to 70 percent.
That’ll do it for your daily briefing — from the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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