2 Stocks Defying the Nasdaq's Tuesday Drop

Wall Street had another nervous day on Tuesday, with the latest readings on inflation at the manufacturing level hitting multidecade highs that will put even more pressure on the Federal Reserve to take action to curb higher prices. That news sent much of the stock market lower, and had an outsize impact on the Nasdaq Composite (NASDAQINDEX: ^IXIC). The Nasdaq was down 263 points, or 1.7%, shortly after 11 a.m. ET on Tuesday.

Yet a few well-known stocks bucked the downtrend. Meat-alternative specialist Beyond Meat (NASDAQ: BYND) clawed back somewhat from its recent declines, while law enforcement camera and stun gun maker Axon Enterprise (NASDAQ: AXON) also gained ground. Below, we'll take a closer look at both companies to see what's sending them higher on a down day for the broader market.

Shares of Beyond Meat were up almost 8% on Tuesday morning. The plant-based protein provider has seen its stock fall sharply lately, but investors have new hopes that a collaboration with a fast-food giant could help stoke enthusiasm in the company's products once again.

Source Fool.com