The three major indices on Wall Street closed lower, driven by producer-level inflation exceeding expectations and a correction in tech sector stocks. November's PPI index recorded a 0.4% mom increase, surpassing the 0.2% mom estimate. As a result, US Treasury yields rose to their highest level in two weeks, above 4.3%. Meanwhile, crude oil prices saw a slight decline as abundant supply in the oil market offset optimism about the potential interest rate cuts by the Federal Reserve. Gold prices also weakened due to profit-taking, rising US Treasury yields, and a stronger US dollar. The ECB, as expected, reduced its benchmark interest rate by 0.25% to 3%. Since June 2024, the ECB has lowered interest rates four times, totaling 1%.

JCI closed 0.95% lower on Thursday, December 12, 2024, at 7394. The transportation sector recorded the largest correction, while the consumer cyclical sector posted the biggest gains. Foreign investors recorded a net sell of IDR 2.18 trillion, including in the non-regular market. Today, JCI is expected to move within a support range of 7370/7330 and a resistance range of 7440/7470. Stock picks: UNTR, PTBA, PGAS, TLKM, ISAT, EXCL, CPIN, JPFA, TPIA, AMMN.

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