Wednesday was a wild day in markets.
The major U.S. indexes had a mixed close with the Dow outperforming and bank stocks leading the way as the Treasury yield curve steepened.
But the real action on Wednesday came from the cannabis industry, where shares of Tilray (TLRY), a Canadian medical marijuana company, rose as much as 90%, was halted five times, and eventually closed up 38%. As of 5:20 p.m. ET, shares of Tilray were down 9% after hours.
The initial rally in Tilray shares was triggered by comments from the company’s CEO Brendan Kennedy on CNBC’s Mad Money Tuesday evening that cannabis is a “hedge” for pharmaceutical companies and investors because it can replace prescription opioids and other painkillers.
On Tuesday, Tilray shares had risen almost 30% after the company received DEA approval to import cannabis to the U.S. for medical research.
But the mania in Tilray, however, gained momentum during the trading day, resulting in a wild final two hours of trading where the stock spiked to as high as $300 per share before crashing in a matter of minutes and enduring a successive series of trading halts. The stock closed at $214.06 per share.
In the days ahead, expect the cannabis space — which has been one of the hottest space for traders in recent months — to remain a fascination for investors. The boom in cannabis stocks marks but the latest mania to grip markets after cryptocurrencies late last year entranced investors before this year’s bust in which bitcoin (BTC-USD) and other major cryptocurrencies have lost in excess of 70% of their value.
On Thursday, the economic data calendar will bring investors the weekly report on initial jobless claims, the Philly Fed’s latest reading on manufacturing activity, and the August report on existing home sales.
And on the earnings side, Micron Technology (MU) will be the most closely-watched report with the chipmaker set to report results after the market close.
Thursday will also be a big day here at Yahoo Finance as we will host our latest All Markets Summit: A World of Change. Speakers include BlackRock CEO Larry Fink, Chairman of the Council of Economic Advisers Kevin Hassett, former FDIC chair Sheila Bair, Home Depot co-founder Ken Langone, Zillow CEO Spencer Rascoff, and Tinder CEO Elie Seidman, among others.
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland