Stock futures edged lower 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 34% 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.” Tesla shares were down 2.1% premarket.

• Flagship names of the meme stock craze were extending losses premarket after closing down sharply on Monday. GameStop shed 3.7% premarket after closing down 14%. AMC Entertainment fell 5.9% ahead of the bell, building on Monday’s 15% drop.

• Beyond Meat added 5% premarket. Piper Sandler lifted its rating and price target for the plant-based meat company’s stock.
• MGM Resorts International edged down 0.5% premarket. The casino operator is selling the operations of the Mirage casino on the Las Vegas Strip to focus on growth areas.
• Claros Mortgage Trust added 4.5% off hours. The commercial real estate finance company 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