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MARKETS

Nasdaq

24,657.57

+1.64%

S&P

7,137.90

+1.05%

Dow

49,490.03

+0.69%

10-Year

4.294%

+0.0 bps

Bitcoin

$78,616.80

+4.04%

United

$91.71

-5.58%

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*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean.

Markets: Stocks did a Ken Griffey Jr. impression and swung effortlessly into the upper deck, powering the S&P 500 and Nasdaq to fresh records after President Trump extended the ceasefire with Iran. United’s day wasn’t as bright, as it fell after saying it had to cut its forecast due to rising fuel costs tied to the war.

Markets Sponsored by Miso Robotics

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BLAZING A TRAIL

Trump admin plans to loosen federal weed restrictions

Getty Images

There was no public love for 4/20 from the federal government this year—but don’t be surprised if they show up sometime this week with flowers. Yesterday, multiple outlets reported that Trump administration officials are on the verge of downgrading the danger designation for marijuana, which would be the biggest shift in federal cannabis policy in decades.

The Trump admin is reportedly weighing several different paths to reclassify weed from the Schedule I drug category, where it had long been listed alongside heroin, ecstasy, LSD, and other compounds that are deemed dangerous and without any therapeutic value. Weed would become a Schedule III drug, next to common prescription painkillers, anabolic steroids, ketamine, and other medically useful substances.

The less rigid approach could unburden medical marijuana research and potentially boost profits for the cannabis industry.

Liberalization, not legalization

Uncle Sam becoming more chill with Mary Jane might not change much for the average Rick and Morty fan—crucially, it wouldn’t make weed federally legal—but:

It may encourage more research into the benefits and risks of the drug, potentially boosting cannabis-based pharmaceutical development.
Cannabis farms and dispensaries would be able to deduct various expenses from their federal taxes, which is currently forbidden for costs related to Schedule I drugs. It could also make it easier for them to seek investment.

Shares of weed stocks popped yesterday, with AdvisorShares Pure US Cannabis ETF spiking 19% on the news.

High hopes

In December, President Trump signed an executive order directing federal agencies to loosen restrictions on marijuana, continuing a similar effort by the Biden administration. The Washington Post reported that Trump has been frustrated with how long the rescheduling process takes.

Advocates argue that the government embracing a lighter-touch approach to marijuana could help patients access cannabis-based treatments for severe pain and mental health conditions. More than half of Americans say it should be legal, though support for legalization has declined in recent years, according to a recent YouGov poll. Meanwhile, about 1 in 5 Americans aged 12 and older say they use the drug at least once a year, per government data.

ICYMI…Trump signed an executive order on Saturday to expedite research into how some psychedelics, including ibogaine, can be useful for treating mental disorders.—SK

Sponsored By Miso Robotics

“The biggest gold mine…in history”

That’s what NVIDIA’s CEO said about today’s AI build-out. And because of it, market experts expect robotics stocks to soar on a “multiyear supertrend.”

But 40k+ investors aren’t waiting for Wall Street’s stock exchanges. They’re backing a still-private company that NVIDIA handpicked to help build the future of restaurant-kitchen AI and robots: Miso Robotics.

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Flippy turns a fry station from a cost center into a profit center and can boost locations’ profits up to 3x, carrying $4b/year revenue potential alone. Imagine how valuable Miso’s full AI ecosystem can be.

Industry powerhouse Ecolab invested. Join them as a Miso shareholder today for up to 7% bonus stock. Hurry—this bonus stock opportunity changes on May 7.

WORLD

Tour de headlines

Getty Images

Trump admin reportedly nears deal to rescue Spirit. The Trump administration is in talks to loan the ailing low-cost airline $500 million to stave off imminent liquidation, the Wall Street Journal reported. In exchange, the US government would have the option to acquire a large equity stake in Spirit. Bloomberg reported that it could own as much as 90% of the carrier if a deal is reached. Earlier this week, President Trump floated the idea of the government bailing out the airline, which has struggled to recover from the pandemic, deal with increased competition, absorb rising costs, and pivot from a failed merger attempt with JetBlue. The deal would likely raise a number of legal questions.—AE

Iran seized two ships in the Strait of Hormuz. Iran’s Revolutionary Guard said it seized two cargo ships and fired on a third, a day after President Trump extended a ceasefire amid uncertainty about the state of negotiations between the US and Iran. As of yesterday, Iran had not decided if it would take part in a new round of talks, the Associated Press reported. The renewed attacks—and the US’ ongoing blockade of the strait—are complicating what was already a fragile ceasefire. Per the AP, at least 3,375 people in Iran have been killed since the start of the war on Feb. 28, in addition to 2,290 people in Lebanon, and 23 people in Israel. Thirteen US service members have also been killed.—AE

Tesla made money in Q1, but expects to spend big this year. The EV company that wants to become a robot company beat analysts’ revenue and earnings-per-share expectations. Tesla revealed that it plans to spend $25 billion this year as it builds the autonomous Cybercab cars and Optimus robots, and pursues various AI initiatives—but in the first quarter, it spent less than $2.5 billion. On the earnings call, CEO Elon Musk praised the company’s forthcoming AI5 chip (which will power Optimus and AI applications in Tesla vehicles), but warned that robotaxi revenue would not be “super material” for the company this year and that Optimus production might be quite slow, with no definitive update on the timeline.—HVL

BOSSWARY

To train AI, Meta is tracking employees’ clicks

Andrej Sokolow/Getty Images

In the Big Tech version of driving someone into the woods and handing them a shovel, Meta told US employees that it’s installing mandatory keystroke-tracking software on their computers to help train the company’s AI agents, Reuters reported this week.

The internal announcement stated that AI models “still lack some of the basic ways that humans use computers like choosing from dropdowns and keyboard shortcuts,” so “all Meta employees can help our models get better simply by doing their daily work.”

The humans are not happy. According to Business Insider:

The top-rated comment on the internal memo was “this makes me super uncomfortable. How do we opt out?”
“There is no option to opt out,” Meta CTO Andrew Bosworth responded, drawing a wave of crying, shocked, and angry emoji reactions.

Bosworth previously told employees that Meta would ramp up its internal data collection to build toward a future where “our agents primarily do the work and our role is ‌to direct, review and help them improve,” he said.

Meanwhile…as Meta (and every other tech titan) turbocharges its AI spending, the Facebook and Instagram parent company plans to lay off 10% of its global workforce next month, with more cuts expected in tandem with AI advancements, Reuters reported.—ML

Together With The Points Guy

If this isn’t on your radar yet…It should be. There’s currently a bill proposed in Congress that would cut credit card cash-back and travel rewards programs. That’d mean no more booking trips using points and no more cash-back savings on essentials like gas and groceries. Check out these resources from The Points Guy for more details.

I SAY I SAY

Wile E. Coyote will finally see his day in court

Warner Bros. Pictures

After Looney Tunes fans spent years imagining what antics Will Forte would get up to in a courtroom, the trailer dropped yesterday for the much-delayed Coyote vs. Acme movie. The trailer, which came out nearly six years after the film was originally greenlit, takes aim at Warner Bros. Discovery (WBD)—the company that almost killed the movie.

The film—a live-action/animated hybrid that follows Wile E. Coyote attempting to sue Acme Corporation over its numerous failed products and the injuries he sustained from them—will finally hit theaters on August 28. The trailer positions WBD as Acme, throwing out digs like “The movie Acme doesn’t want you to see” and “The Acme Corporation is releasing this film for accounting purposes only.”

Why the Bugs vs. Elmer Fudd-level feud?

In November of 2023, WBD announced that despite the $70 million movie being completed, the company would shelve it as part of a $115 million tax write-down. The cut was one of David Zaslav’s first big moves as the new CEO of the company.

The backlash was thwift. Within days, WBD reversed its decision and said it would allow a new distributor to buy the flick. Last March, indie company Ketchup Entertainment bought the film for a reported $50 million, paving the way for the public to see the film behind all the drama.—MM

READER POLL

Do you plan to see Coyote vs. Acme?

Yes, in theaters.
Yes, but I’ll wait until it’s streaming.
No thanks, I’m good.

STAT

Prime number: Gen Z hunts scholarships on TikTok

Nick Iluzada

Since most US college applicants are not star athletes or the children of a Full House cast member, they have to find other ways to pay for higher education. According to a new survey, one of those ways is scrolling TikTok:

More than 1 in 5 Gen Z students (22%) search for scholarships on the social media platform at least once a week, per the private student loan lender Sallie.
They’re learning about scholarships on TikTok more often than from their own guidance counselors (19%) and only slightly less than from college financial aid offices (28%).

While TikTok can be a helpful resource, you may be shocked to hear that the information on the app is not always accurate. A third of Gen Z students reported seeing misleading info about how to obtain scholarships, including “free” scholarships that actually had an application fee and exaggerated award amounts.—AE

Three Headlines and a Lie

Three of these headlines are real, and one is faker than the price tags at a garage sale. Can you spot the odd one out?

Drake teases album release, prompts crowd chaos with massive ice blocks in downtown Toronto
Hot tub supplier launches nationwide campaign: ‘You’re not ready for the tub’
What’s the key to better vegan cheese? Microbreweries, one startup says.
California man arrested for allegedly swapping in pasta for Lego pieces then returning them

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ANSWER

We made up the one about hot tubs.

Word of the Day

Today’s Word of the Day is: barrage, meaning “a vigorous or rapid outpouring or projection of many things at once.” Thanks to Glenn from Towson, MD, for the suggestion. Submit another Word of the Day here.

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