MARKET RECAP → The S&P 500 (VOO) closed higher Thursday, breaking a four-day losing streak as investors welcomed cooler-than-expected inflation data.

📊 INFLATION COOLS — SLOWLY → November’s CPI shows progress, not victory, keeping the Fed on a cautious easing path and markets in a “good news, but not great news” zone.

🌱 TRUMP REOPENS CANNABIS TRADE → Trump weighs reclassifying marijuana to Schedule III, boosting medical access and cannabis stocks while stopping short of legalization.

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For the week beginning December 15, 2025

📉 November CPI eases, but no victory lap: U.S. inflation cooled modestly in November, with headline CPI rising at a slower pace than earlier this year. While price pressures continue to trend in the right direction, inflation remains above the Fed’s comfort zone, reinforcing the idea that progress is real but fragile.

🧾 Shelter and services still sticky: Housing-related costs and core services inflation stayed stubborn, offsetting relief from goods and energy prices. That persistence explains why policymakers remain cautious — the last mile of inflation is proving harder than the first few.

🏦 What it means for rates and markets: The report supports the case for gradual rate cuts rather than aggressive easing. For investors, this keeps the playbook intact: falling inflation helps risk assets, but sticky core prices limit how fast the Fed can move without reigniting pressure.

🌿 Reclassification back on the table: The Trump administration is considering moving marijuana from Schedule I to Schedule III, a shift that would ease federal restrictions without full legalization. The change would mark one of the most consequential federal cannabis moves in decades, signaling a more pragmatic stance focused on healthcare and regulation rather than culture wars.

🏥 Medicare, CBD, and seniors in focus: The push is partly driven by senior healthcare issues — including access to cannabis-derived treatments and CBD products under Medicare. Reclassification could unlock research funding, standardize prescribing, and broaden medical use without touching recreational legality.

📈 Why stocks are reacting: Cannabis equities jumped as investors priced in lower tax burdens, easier banking access, and reduced regulatory friction. Still, execution risk remains high: the DEA must finalize the move, and states would retain wide control, meaning the upside is real — but uneven.

Friday could be a wild day of trading on Wall Street. Here’s why (CNBC)

Here are the biggest IPOs of 2025 and how they performed (CNBC)

Trump signs executive order reclassifying pot, opening door to broader access (CNBC)

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