Main indexes on Wall Street closed higher in last Friday’s trading, following a correction over the past few days. The rise in technology stocks helped drive the index higher, particularly those benefiting from continued spending on AI. Meanwhile, crude oil prices continued their upward trend amid expectations of further economic stimulus in China and potential interest rate cuts by the Fed this year. However, gold prices corrected due to the strengthening of the US dollar against most major currencies.

Economic indicators from the US to be released this week include the ISM services index, ADP employment change, EIA oil reserves data, initial claims, nonfarm payrolls, unemployment rate, and Michigan consumer sentiment. Domestically, economic data to be released this week includes foreign exchange reserves, motorcycle sales, consumer confidence index, retail sales, and car sales.

The JCI closed slightly higher by 0.02% on January 3, 2025, at the level of 7,164. Technology sector stocks posted the largest gains, while the consumer cyclical sector saw the biggest correction. Foreign investors made a net sell of IDR 571,38 billion, including in the non-regular market. For today’s trading, the JCI is expected to move within the support range of 7,100/7,080 and resistance range of 7,190/7,220. Stock picks: BBNI, BBTN, BBCA, ICBP, TLKM.

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