https://www.howestreet.com/2024/08/markets-in-a-potentially-dangerous-time-mark-leibovit/

The Drug Enforcement Administration (DEA) has scheduled a hearing to consider differing expert opinions on the Justice Department’s proposal to federally reschedule marijuana—an extra procedural step that will take place after the November election.

After moving to reclassify cannabis as a Schedule III drug under the Controlled Substances Act (CSA) back in March, DOJ opened a 60-day public comment period that saw more than 4o,000 submissions. Now that DEA has reviewed the comments, it agreed to an administrative hearing, as requested by several supporters and opponents of the reform.

Recession evidence grows:  Red Lobster Is Closing Another 23 Restaurants

Dow Sets New Record Closing High But Nasdaq, S&P 500 Give Back Ground

The major U.S. stock indexes turned in a mixed performance during trading on Monday, with the Dow reaching a new record closing high, while the tech-heavy Nasdaq saw a notable pullback after posting a strong gain last week.

The Dow pulled back well off its best levels of the session and briefly dipped into negative territory but ended the day up 65.44 points or 0.2 percent at 41,240.52.

Meanwhile, the Nasdaq slid 152.03 points or 0.9 percent to 17,725.77 and the S&P […]

https://www.howestreet.com/2024/08/markets-in-a-potentially-dangerous-time-mark-leibovit/

Powell Speech Signaling Rate Cuts Contributes To Rally On Wall Street

Following the pullback seen over the course of the previous session, stocks showed a strong move back to the upside during trading on Friday. The major averages all moved sharply higher, with the Dow and the S&P 500 reaching their best closing levels since reaching record highs in mid-July.

The major averages gave back ground after an early rally but showed another notable advance late in the session. The Dow jumped 462.30 points or 1.1 percent to 41,175.08, the Nasdaq surged 258.44 points or 1.5 percent to 17,877.79 and the S&P shot up 63.97 points or 1.2 percent to 5,634.61.

With the strong upward move on the day, the major averages all closed sharply higher for the week. The Dow shot up by 1.3 percent, the Nasdaq jumped by 1.4 percent and the S&P 500 surged by 1.5 percent.

The rebound on Wall Street came as highly anticipated remarks by Federal Reserve Chair Jerome Powell indicated the central bank is prepared to begin lowering interest rates.

“The time has come for policy to adjust,” Powell said at the Jackson Hole Economic Symposium, […]