Stock Market Summary

Wall Street faced a turbulent session recently, driven by a downturn in technology stocks, particularly artificial intelligence firms. The S&P 500 dropped by 1.1%, marking its worst day in three weeks, as investors reacted to concerns over high valuations and market corrections.

Meanwhile, cannabis stocks experienced a surge following reports that President Trump is expected to sign an executive order to reclassify marijuana, with some stocks rising over 50% on the news. In other market movements, automated digital wealth management company Wealthfront saw its stock close up 1.36% in its Nasdaq debut, valuing the company at approximately $2.7 billion after raising $486 million in its IPO.

In addition, notable shifts occurred with Seagate and Western Digital, each set to join the Nasdaq 100 before the market opens on December 22, 2025, while Walmart's recent switch from the New York Stock Exchange to the Nasdaq is considered a significant industry event.

Overall, these developments reflect ongoing volatility and evolving dynamics in the stock market landscape.