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]

Source: https://www.wsj.com/articles/dogecoin-gamestop-amc-beyond-meat-what-to-watch-when-the-stock-market-opens-today-11639482996