Wall Street stocks slipped ahead of the Fed’s two-day policy meeting, which is expected to end with the central bank signaling a quicker road to tighter policy. Here’s what we’re watching in Tuesday’s trading:
- Cryptocurrency dogecoin jumped as much as 40% from its level on Monday at 5 p.m. ET after Tesla chief Elon Musk tweeted “Tesla will make some merch buyable with Doge & see how it goes.”
- Flagship names of the meme stock craze were extending losses premarket after closing down sharply on Monday. GameStop shed 4.3% premarket after closing down 14%. AMC Entertainment fell 8.2% ahead of the bell, building on Monday’s 15% drop.
- Piper Sandler lifted its rating and price target for plant-based meat company Beyond Meat ’s stock.
- MGM Resorts International is selling the operations of the Mirage casino on the Las Vegas Strip to focus on growth areas.
- Commercial real estate finance company Claros Mortgage Trust said it experienced a jump in origination activity during the third quarter.
- Skillsoft and Hexo are among the companies reporting earnings Tuesday.
Chart of the Day
- Losses for GameStop and AMC Entertainment on Monday dealt a blow to the legions of individual investors who have banded around the two stocks and frequently tout them on social media.
Write to James Willhite at [email protected]