Dow Jones Slips; Elon Musk Says This, Bitcoin Plunges; AMC Stock, GameStop Crater

The Dow Jones Industrial Average slipped, with Boeing (BA) $Boeing(BA.US)$ a key laggard as growth stocks were mauled. AMC Entertainment (AMC) $AMC Entertainment(AMC.US)$ and GameStop (GME) $GameStop(GME.US)$ cratered amid a meme stock sell-off. Bitcoin took a dive after Tesla (TSLA) $Tesla(TSLA.US)$ CEO Elon Musk spoke out against the cryptocurrency.

While overall action was challenging, a number of names managed to test entries. National Storage Affiliates Trust (NSA) $National Storage Affiliates Trust(NSA.US)$ , Novo Nordisk (NVO) $Novo-Nordisk A/S(NVO.US)$ and S&P Global (SPGI) $S&P Global(SPGI.US)$ were among stocks that passed buy points.

Markets are currently gearing up for the latest Federal Reserve meeting, which takes place Tuesday and Wednesday. Oanda senior market analyst Edward Moya said this was weighing on indexes.

"U.S. stocks were under pressure as many investors began to fear a trading life without a Fed safety net," he said in a note to clients. "A raft of central bank rate decisions this week will likely show stocks will have to move higher without the help of central bankers."

Part of the content is taken from Investor's Business Daily.