Wall Street under pressure ahead of Fed Meeting Minutes. US stocks fell in early trading after major retailer, Target Corporation (NYSE:TGT), stated revenue fell 90 percent as consumers’ purchasing power weakened, forcing the company to cut prices. The report contrasts with Tuesday’s upbeat reports from Walmart Inc (NYSE:WMT) and Home Depot Inc (NYSE:HD). Meanwhile, investors await the Fed Meeting Minutes for clues on the direction of interest rates.
Investors responded positively to sustainable development policies, and JCI once again closed above the psychological level of 7,100. Investors paid close attention to last Tuesday’s State of the Union speech which outlined a number of 2023 macro assumption targets, ranging from economic growth, inflation, rupiah exchange rate, oil and gas lifting, crude oil prices, to the 10-Year SUN Benchmark yield. Meanwhile, the strengthening of the JCI on Tuesday was supported by an increase in five sectoral indexes, with Technology strengthening up to 1.5%. We project that JCI will move Uptrend but beware of resistance 7.175-7.181. Meanwhile, the range of JCI movement is projected in the range of Support: 7.100-7.080 / 7.020 / 7.000 / 6.930 and Resistance: 7.175-7.181.
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