TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why more Americans are lighting up as opposed to pouring a drink.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. The Dow, Nasdaq and S&P 500 all finished Wednesday in the red, with
00:09the Dow falling more than 200 points. Stocks reacted poorly to the release of the most
00:14recent FOMC minutes. The notes revealed the Federal Reserve is concerned with the lack
00:19of progress on inflation. In other news, the number of daily marijuana users now exceeds
00:25those who drink alcohol. According to a new study by Carnegie Mellon University, 17.7
00:32million people said they used marijuana daily or near daily in 2022. That's compared to
00:3814.7 million who said they drink every day or almost every day. The report revealed that
00:44quote, in 2022, the median drinker reported alcohol use on four to five days in the past
00:50month, whereas the median marijuana user reported use on 15 to 16 days in the past
00:56month. On top of that, the author of the study found that quote, a good 40 percent of current
01:02cannabis users are using it daily or near daily, a pattern that is more associated with
01:08tobacco use than typical alcohol use. Earlier in May, the Department of Justice recommended
01:13marijuana be reclassified from a Schedule I narcotic to a Schedule III controlled substance.
01:19According to the DEA, Schedule III substances are defined as drugs with a moderate to low
01:24potential for physical and psychological dependence. That would put it in line with
01:30prescription drugs such as Tylenol with codeine and anabolic steroids. That'll do it for your
01:35daily briefing from the New York Stock Exchange. I'm Conway Gintens with The Street.