Besides the energy stocks, retail stocks propped the S&P 500 up by 50 points. The appreciation of several retail stocks dampened fears about high inflation that will restrain consumer spending ahead of the year-end holiday. The market also believes that providing discounts will increase consumer shopping transactions, becoming a positive catalyst for retail stocks. Meanwhile, the S&P 500 strengthening was also supported by the energy sector which rose 3.2%; as OPEC+ persisted with the crude oil production cuts, both Brent and WTI crude oil prices rose 1% to USD88.36/Barrel and USD80.95/Barrel, respectively. Furthermore, Wall Street’s is appreciated, amid investors’ Wait and See ahead of the FOMC Meeting Minutes that scheduled on Wednesday local time.
The lack of market sentiment made investors start to anticipate the FOMC Meeting Minutes. The JCI closed down by 32 points yet remained above the psychological level of 7,000. Investors are, again, looking forward to the signal from the Fed officials to gain more information about the US Central Bank in the FOMC Meeting Minutes. Amid several external sentiments, NHKSI Research projects that today’s JCI tends to move sideways with anticipation for investors to a potential technical rebound.
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