The stock market moved lower on Wednesday afternoon, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) took the biggest hit. The Nasdaq was down more than half a percent as of 10:45 a.m. EDT today, after it set new records on Tuesday and moved higher earlier in Wednesday's trading session.
Investors appear to be uncertain about the direction of the global economy, inflation in the U.S., and the longevity of the bull market that began more than a year ago. Yet those concerns aren't hurting shares of Newegg Commerce (NASDAQ: NEGG) and SMART Global Holdings (NASDAQ: SGH) , both of which soared on Wednesday morning. Below, we'll see what has investors so excited about these two stocks.
Shares of Newegg Commerce jumped as much as 130% on Wednesday morning. That added to gains earlier in the week that have resulted in Newegg's stock more than tripling.
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These 2 Big Nasdaq Winners Are Defying the Downturn Wednesday