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Leveraged ETFs, particularly those focused on the cannabis and space industries, saw significant gains driven by sector-specific speculative news. Reports of potential U.S. federal marijuana reclassification and key operational milestones for Rocket Lab fueled investor optimism in these high-growth, high-risk sectors.
Reports that the Trump administration plans to reclassify marijuana to a less-restrictive category triggered a significant rally in cannabis-related stocks. This policy shift, while not full legalization, could fundamentally alter the financial landscape for the industry by easing tax burdens and potentially opening access to mainstream banking services.
U.S. markets fell, led by a sharp decline in technology stocks after Broadcom's warning on profit margins sparked fears of an AI bubble. In a divergent trend, cannabis stocks experienced a significant rally following reports of potential federal reclassification by the U.S. government.
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