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 TSLA -0.82% 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 GME 7.90% shed 4.3% premarket after closing down 14%. AMC Entertainment AMC 5.42% fell 8.2% ahead of the bell, building on Monday’s 15% drop.
A GameStop store on Black Friday in the Herald Square area of New York, Nov. 26, 2021.
Photo: David Dee Delgado/Bloomberg News
- Piper Sandler lifted its rating and price target for plant-based meat company Beyond Meat’s BYND 9.29% stock.
- MGM Resorts International MGM 2.21% 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 CMTG 0.73% said it experienced a jump in origination activity during the third quarter.
- Skillsoft SKIL -5.23% and Hexo HEXO -10.06% 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]
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