Today’s Outlook :
• US MARKET: The S&P 500 posted another record closing high on Tuesday, driven by gains in large-cap technology stocks led by Nvidia and rising optimism over the U.S. economic outlook. At the close of trading at 4:00 p.m. local time, the S&P 500 rose 0.5% to 6,909.79. The Nasdaq 100 gained 0.6%, while the Dow Jones Industrial Average increased 0.2%, or around 79 points.
Positive market sentiment was also supported by stronger-than-expected U.S. economic growth data. U.S. gross domestic product (GDP) grew 4.3% year-on-year in the third quarter, accelerating from 3.8% in the previous quarter and exceeding economists’ consensus of around 3.2–3.3%. Although the data was released late due to the federal government shutdown, it still reinforced confidence that the U.S. economy remains solid.
From a sectoral perspective, artificial intelligence-related stocks once again led the gains. Nvidia jumped around 3%, while Apple, Alphabet, and Microsoft also posted modest gains, lifting the overall technology sector. Additional support came from U.S. inflation data released last week that came in below expectations, reinforcing the view that inflationary pressures are easing. This has fueled market speculation over potential Federal Reserve rate cuts, with a greater chance of faster policy easing in 2026. Investors are also closely monitoring developments surrounding the Fed’s leadership transition for further policy clues.
• EUROPEAN MARKET : European stock markets mostly closed higher on Tuesday. Germany’s DAX and the UK’s FTSE 100 each rose 0.2%, while France’s CAC 40 fell 0.2%. Market sentiment was influenced by a surge in Novo Nordisk shares and weakening Tesla sales in Europe.
Novo Nordisk shares climbed after the U.S. FDA approved Wegovy as the first oral GLP-1 pill for weight management. The 25 mg oral semaglutide pill is approved to reduce excess body weight, maintain long-term weight loss, and lower the risk of major adverse cardiovascular events.
In contrast, Tesla’s European sales fell 11.8% year-on-year to 22,801 units in November, while Chinese competitor BYD recorded growth and increased market share. From the energy sector, Norway’s oil production in November reached 1.882 million barrels per day, exceeding official forecasts.
• ASIAN MARKET : Most Asian stock markets edged higher on Tuesday, following gains on Wall Street driven by U.S. technology stocks and easing inflation signals. Expectations of a Federal Reserve rate cut next year supported sentiment, although trading volumes remained thin ahead of year-end holidays.
China’s Shanghai Composite rose 0.3% and the CSI 300 gained 0.6%, while the Hang Seng, KOSPI, and Straits Times indexes each advanced around 0.3–0.4%. Australian stocks led regional gains, with the S&P/ASX 200 jumping more than 1% on a rally in mining stocks.
In Japan, the Nikkei 225 was relatively flat, while the TOPIX gained 0.6%. The Japanese government reaffirmed its readiness to respond to excessive yen movements, while minutes from the RBA showed the possibility of an interest rate hike in 2026 if inflation proves persistent.
• COMMODITIES : Oil prices were relatively stable on Tuesday, as the potential sale of Venezuelan oil seized by the U.S. was offset by concerns over supply disruptions following Ukrainian attacks on Russian vessels and facilities. Brent crude edged up 6 cents to US$62.13 per barrel, while WTI gained 2 cents to US$58.03. Prices had jumped more than 2% on Monday. U.S. President Donald Trump said the U.S. could store or sell the Venezuelan oil seized in recent weeks as sanctions on the country’s oil exports tighten. Barclays expects the oil market to remain oversupplied in the first half of 2026, although the surplus is projected to narrow to around 700,000 barrels per day in the fourth quarter of 2026.
• INDONESIA : The JCI closed down 0.71% at 8,584.78, slipping back below the psychological 8,600 level after holding above it since early December. Selling pressure was relatively dominant, as reflected by negative market breadth, with more declining stocks than advancing ones. The decline was in line with weakness in several major sectors, particularly property, energy, and financials, although selective gains were still seen in industrial, non-primary consumer, and technology sectors, indicating that limited market rotation remains in play.
Technically, the IHSG continues to face a negative RSI divergence, so the potential for further correction remains, especially if the index fails to break above and stay above the 8,700–8,750 area, which now serves as short-term resistance. The nearest support lies at 8,500, followed by the 8,300–8,350 range. Under these conditions, a wait-and-see strategy is recommended, while anticipating more measured buy-on-pullback opportunities around support areas. Current market rotation remains focused on conglomerate stocks and certain relatively stable sectors trading above the 20-day moving average (MA20), making them attractive for short-term trading. Investors are advised to remain disciplined with trailing stops, pay close attention to key technical levels, and monitor domestic catalysts and sentiment to capture selective and well-managed trading opportunities.
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