The three major indices on Wall Street closed higher at the end of last week, with the Dow Jones hitting a new all-time high. Over the past week, all three indices posted significant gains, with the Dow Jones rising by around 2%, while the S&P 500 and Nasdaq Composite advanced by approximately 1.7% each. The movement in the indices last week continued the rotation by investors from technology sector stocks to those more sensitive to economic growth, such as the industrial, financial, and consumer cyclical sectors. Additionally, small-cap stocks saw notable gains. Crude oil and gold prices also continued to rise, driven by escalating tensions between Russia and Ukraine. This week, key U.S. economic data will be released, including the housing price index, consumer confidence, new home sales, personal income, personal spending, and the PCE price index.

JCI closed higher by 0.76% at 7,195 on Friday, November 22, 2024. The technology sector booked the largest gains, while the consumer cyclical sector experienced the most significant correction. Foreign investors recorded a net sell of IDR 353.68 billion, including transactions in the non regular market. For today’s trading, the JCI is expected to trade within a support range of 7,170/7,140 and resistance levels of 7,230/7,265. Stock picks: BBRI, BMRI, BBNI, BBTN, INDY, UNTR, JSMR, CPIN, JPFA.

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