Wall Street closed lower earlier in the week, amid rising oil prices and US Treasury yields. The Dow Jones led the decline, down as much as 0.58% with the UST10Y yield up 14bps to 2.30%. Market participants continue to look at the risks from the Ukraine conflict, and the Fed’s aggressive actions to anticipate rising inflation. Investors also responded negatively to Ukraine, which firmly rejected Russia’s ultimatum to hand over the city of Mariupol, which is currently under siege by Russia.
From the domestic market, the JCI closed relatively flat at the beginning of the week at 6,955.18; supported by increases in 7 of 11 sectors. Meanwhile, the transportation & logistics sector led the gains, rising more than 2%, followed by the technology and industrial sectors, which rose 1.71% and 1.56%, respectively. Today, we project the JCI to move upwards still within the range of 6,900 – 7,100.
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