Tilray Is Smoking Higher, but This Energy Stock Was an Even Bigger Winner Wednesday
The stock market has been extremely volatile lately, and investors had to deal with another day of sharp declines on Wall Street on Wednesday. Market sentiment has varied greatly depending on views about what the Federal Reserve is likely to do with interest rates throughout 2022, and increasingly hawkish statements from Fed decision makers suggest they will tighten monetary policy unexpectedly fast. That sent major market benchmarks lower, with high-growth stocks taking the brunt of the hit. As of 11:30 a.m. ET, the Dow Jones Industrial Average (DJINDICES: ^DJI) is down 282 points to 34,359. The S&P 500 (SNPINDEX: ^GSPC) has dropped 58 points to 4,467, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has fallen 344 points to 13,861.
Even with the broader market falling, some stocks were able to buck the trend and move higher. Tilray Brands (NASDAQ: TLRY) was one of the best performers in the market, as the cannabis pioneer reported earnings results that gave shareholders new optimism for the future. However, even bigger gains went to a rising star in the energy industry, as NextDecade (NASDAQ: NEXT) inked a deal that shows the strong demand for its anticipated liquefied natural gas export capacity.
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Source Fool.com
