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Stock market today: Wall Street mostly lower in premarket as world's central banks take center stage

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Wall Street drifted modestly lower early Tuesday in what’s turning out to be a big week for central banks around the world.

FILE - A street sign is seen in front of the New York Stock Exchange in New York, Tuesday, June 14, 2022.

But Fed officials will also give updated forecasts for where they see interest rates heading this year and in the long run. They earlier had penciled in three cuts to rates this year, which would relieve pressure on the economy and financial system. Tokyo’s Nikkei 225 index rose 0.7% to 40,003.60, while the dollar rose to 150.36 Japanese yen from 149.14 yen.

“We anticipate the BOJ will maintain an effective zero-interest rate policy at least for another year,” Shigeto Nagai of Oxford Economics said in a commentary.spinning off its Ben & Jerry'sBitcoin slid again Tuesday, losing another 8% as it fell to just above $63,000. Since its peak above $73,000 last Wednesday, the original cryptocurrency has lost nearly 14% of its value. Most other cryptocurrencies also declined.

Chinese markets fell, pulled lower by heavy selling of property shares. Hong Kong’s Hang Seng index lost 1.2% to 16,529.48, while the Shanghai Composite index dropped 0.7% to 3,062.76.

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