Today’s Outlook:
• Wall Street’s main indexes ended with big gains on Friday (10/11/23), boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors
looked ahead to a next week’s reports on inflation and other economic data. The tech-heavy Nasdaq Composite posted its biggest one-day percentage rise since May 26. The Dow Jones Industrial Average rose 1.15%, the S&P 500 gained 1.56%, and the Nasdaq Composite gained 2.05%. The S&P 500 posted its highest closing level since Sept 19. All 11 S&P 500 sectors ended in positive territory, led by a 2.6% gain for the technology sector. For the week, the Dow rose about 0.7%, the S&P 500 gained 1.3% and the Nasdaq climbed 2.4%. Helping support equities, the yield on the benchmark 10-year Treasury note was little changed at 4.62% the day after a jump that was partly driven by a weaker-than-expected 30-year bond auction.
• Equities bounced back from declines the previous session which followed hawkish comments from Federal Reserve Chair Jerome Powell about interest rates. Thursday’s drop ended the longest winning streaks in two years for the S&P 500 and the Nasdaq. Investors have been focused on benchmark Treasury yields, which have eased somewhat from 16-year highs, and monetary policy as they assess whether the Fed might be done raising rates to control inflation and when the central bank could start cutting rates.
• Data on Friday showed U.S. consumer sentiment fell for a fourth straight month in November, and households’ expectations for inflation rose again. Next week the consumer price index report will be closely watched, along with data on producer prices and retail sales, which will further shape interest rate projections.
• Considering JCI’s slightly unsettled position at MA20 Support, NHKSI RESEARCH advises investors/traders to watch today’s market interest to determine which way the wind blows. JCI must maintain MA10 Support and strive to break the crucial 5870-6900 Resistance to end this short term bearish.
Company News
• NICL : Record IDR61.64 Billion in Profit for 3Q23
• RMKE : Coal Sales Down 7.2%
• ASII : Strengthening Digital Ecosystem
Domestic & Global News
• Ministry of Manpower Ensures 2024 Minimum Wage will Increase, Announced No Later than November 21
• US Treasury Secretary Janet Yellen Accuses Private Chinese Companies of Supplying War Equipment to Russia
Download full report HERE.
