Krispy Kreme stock saw significant sell-offs today despite no major news from the company. The company's valuation pulled back ahead of the big Federal Reserve meeting that kicks off tomorrow. Krispy Kreme's share price has surged thanks to meme stock trading, and that means the stock's near-term outlook depends heavily on Fed policy.

“ [The meme-stock] surge is powered by advances in trading technology, wider use of leverage, and the rapid expansion of the options market. Confidence among retail traders is notably higher, fueled in part by recent gains in crypto markets,” wrote Mark Hackett, chief market strategist at Nationwide.

Investor enthusiasm faded for the latest meme stocks on Wednesday, with shares in heavily shorted Krispy Kreme and GoPro closing well below their session highs, while Tuesday's investor darling - department store Kohl's - finished sharply lower.