The main index on Wall Street closed lower due to concerns about whether the Federal Reserve will continue to cut interest rates this year, following strong U.S. economic data. The ISM Services Index showed stronger-than-expected performance in December, raising concerns over potential inflationary pressures. This prompted an increase in U.S. government bond yields. Additionally, the correction in technology stocks contributed to the decline in the index. Meanwhile, crude oil prices strengthened due to concerns over potential supply shortages from Russia and Iran, exacerbated by Western sanctions, alongside expectations of rising demand from China. On the other hand, further increases in gold prices were capped by the strengthening of the U.S. dollar and rising U.S. Treasury yields.

The JCI closed up by 0.04% at 7,083 points on Tuesday, January 7, 2025. The healthcare sector saw the largest gain, while the financial sector experienced the largest correction. Foreign investors recorded a net sell of IDR 678.57 billion, including in the non-regular market. For today’s trading, the JCI is expected to move within the support range of 7,030/7,000 and the resistance range of 7,100/7,130. Stock picks: CPIN, BRPT, BREN, AMMN, ASII, UNTR, ADRO, HEAL.

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