GPI - Hot Stocks: TOST toasts debut; cannabis rally; auto-related retailers rise; SMMT INNV plunge
Even with a benign response to the Federal Reserve's latest policy statement driving the major averages higher by about 1%, the broader market was outpaced by substantial gains in the cannabis sector on Wednesday. Signs that the federal government might be loosening financial restrictions on the industry sent marijuana stocks higher. This included notable advances in Trulieve Cannabis (OTCQX:TCNNF), Curaleaf Holdings (OTCPK:CURLF) and Ayr Wellness (OTCQX:AYRWF). Investors also got excited about car dealers and auto-parts retailers. AutoNation (NYSE:AN), AutoZone (NYSE:AZO), Group 1 Automotive Inc. (NYSE:GPI) and O'Reilly Automotive Inc. (NASDAQ:ORLY) all recorded new intraday 52-week highs during the session, as favorable economic conditions continue to fuel their drive higher. In terms of single stocks, Toast (NYSE:TOST) delivered one of the day's biggest percentage gains. Shares of the fresh IPO finished more than 50% higher in their first day on the public market. Looking at some of the day's standout losers,
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Hot Stocks: TOST toasts debut; cannabis rally; auto-related retailers rise; SMMT, INNV plunge