Today’s Outlook:
• The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks. Wall Street’s three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. However, the Dow managed a small gain.
• The Dow Jones Industrial Average rose 39.15 points, or 0.12%, the S&P 500 lost 21.83 points, or 0.50% and the Nasdaq Composite dropped 166.99 points, or 1.23%. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The Nasdaq fell 0.18% for the week. The Dow showed a 0.79% gain, snapping a two-week losing streak. Among the S&P’s 11 major industry sectors energy led gains with a 2.3% advance as oil prices rose. Defensive sectors such as utilities, up 1%, and consumer staples, adding 0.8%, were also top gainers. Other safe-haven assets such as gold rallied
• The S&P 500 Banks index pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. Federal Reserve Bank of Philadelphia President Patrick Harker said he believes the central bank is likely done with its rate-hiking cycle as price pressures have eased.
• Investors were also monitoring news out of the Middle East. On Friday Israel said it carried out raids inside the Gaza Strip, its first announcement of ground operations aimed at Hamas fighters after their deadly rampage in Israel. The United Nations said Israel’s call for Gaza civilians to leave was impossible “without devastating humanitarian consequences.”
• – U.S. Treasury prices rose as investors looked for safety while the price of U.S. crude oil settled up 5.8%.
• Today, Indonesia will release Trade Balance (Sept.) figures which is predicted to be a surplus of USD2.13 billion, down from the previous month’s USD3.12 billion. The main thing is to see if the negative growth in Exports & Imports can start to ease. Considering the JCI’s closing position last week which never settled above the crucial Resistance level of 6950, NHKSI RESEARCH still maintains the Wait & See stance if you want to add more weight to your portfolio.

Company News
• GOTO : Raise Tactical Funds of IDR1.53 Trillion
• BBRI : Consumer Loans Grow in Double Digits
• WIKA : Working on the IKN Toll Road Project

Domestic & Global News
• Ministry of Manpower Signals UMP 2024 Will Increase, How Much Percent?
• US Boosts Middle East Firepower in Case Israel-Hamas War Spread

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