MARKET RECAP → The S&P 500 (VOO) fell for a third day in a row as traders digested a delayed November jobs report.

🌱 TRUMP EYES MAJOR MARIJUANA CHANGE → Trump is weighing a federal move to downgrade marijuana’s drug classification, a step that could benefit research and the cannabis industry without fully legalizing the drug.

🚀 TESLA RALLIES ON ROBOTAXI DREAMS → Tesla (TSLA) hits record highs on autonomy optimism even as EV sales soften, turning the stock into a high-conviction bet on robotaxis rather than cars.

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For the week beginning December 15, 2025

🌿 Federal reclassification in play: President Donald Trump is seriously considering an executive order to reclassify marijuana from a Schedule I drug (currently treated like heroin with no accepted medical use) to a Schedule III substance — a category that includes common prescription drugs with accepted medical use and lower potential for abuse. This shift would be one of the biggest changes in federal cannabis policy in decades and could reshape how marijuana is regulated nationwide.

📊 Why it matters: Moving cannabis to Schedule III wouldn’t legalize it outright, but it would ease federal restrictions significantly. It could unlock research opportunities, expand medical acceptance, and reduce tax burdens on plant-touching businesses by lifting some barriers tied to federal illegality.

💡 Industry & political dynamics: The proposal has energized cannabis markets and advocates, but it isn’t finalized — the White House says no decision has been made yet and the Drug Enforcement Administration would still need to act to formalize any rescheduling. Lawmakers and regulators remain split, and critics warn that change could create new legal complexities even as it loosens some restrictions.

🚕 Robotaxi hype beats weak EV sales: Tesla (TSLA) stock hit a fresh record as investors piled into the company’s robotaxi narrative, shrugging off a reported drop in vehicle sales. The market is increasingly valuing Tesla less like an automaker and more like a future autonomous-mobility platform.

📉 Core business still under pressure: Beneath the rally, Tesla’s traditional EV business is showing strain from slowing demand, price cuts, and rising competition — especially in China and Europe. That disconnect highlights how much of today’s valuation rests on expectations for autonomy rather than current fundamentals.

🤖 Valuation rides on execution: Robotaxis remain unproven at scale, with regulatory hurdles, technical challenges, and timelines still uncertain. For investors, the trade is clear but risky: Tesla’s upside hinges on autonomy breakthroughs, while any delay could expose how stretched expectations have become relative to near-term earnings power.

U.S. crude oil drops below $55 a barrel, hits lowest level since early 2021 (CNBC)

Instagram TV app coming to Amazon Fire streaming device (CNBC)

Stocks fall after delayed jobs figures paint weak picture of economy: Live updates (CNBC)

Kraft Heinz taps former Kellanova CEO Steve Cahillane to lead company ahead of breakup (CNBC)

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