The main indices on Wall Street closed mixed. The Dow Jones and S&P 500 indices ended higher, while the Nasdaq Composite closed with a slight decline. The minutes from the Fed’s December meeting indicated that the majority of Fed officials are concerned about the potential for inflation to rise again. This has added to investor worries that the Fed may lower interest rates less than previously anticipated this year. US Treasury yields, which had already risen due to concerns over the impact of import tariffs and corporate tax cuts potentially driving inflation, strengthened further amid concerns that the Fed's rate cuts may not be as large as previously forecasted. Meanwhile, crude oil prices weakened due to the strengthening of the US dollar and the increase in US oil reserves. On the other hand, gold prices rose, driven by ADP Employment data showing lower-than-expected private sector job growth. Looking ahead, the market will await the nonfarm payrolls data on Friday.

The JCI closed down 0.04% at 7,080 on Wednesday, January 8, 2025. Stocks in the basic materials sector experienced the largest correction, while stocks in the energy sector posted the biggest gain. Foreign investors recorded a net sell of IDR 353.71 billion, including in the non-regular market. Today, the JCI is expected to move within a support range of 7,050/7,020 and a resistance range of 7,100/7,130. Stock picks: BBCA, BMRI, ASII, UNTR, HEAL, TLKM, AKRA.

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