Today’s Outlook :
• US MARKET : During Tuesday’s regular trading session, the S&P 500 rose 0.4% and closed at a new all-time high, driven by investors rotating back into growth stocks and generally solid corporate earnings reports. Technology shares led the gains, while the NASDAQ Composite jumped 0.9%, supported by advances in megacap stocks.
In contrast, the Dow Jones Industrial Average fell 0.8% due to heavy pressure on healthcare and insurance stocks. Shares of health insurers declined after the U.S. government released a Medicare Advantage payment plan that was viewed as less favorable. UnitedHealth Group was a major drag on the Dow, alongside sharp declines across the sector.
Investor attention is now focused on the Federal Reserve’s policy meeting, which began on Tuesday and concludes on Wednesday. The central bank is expected to keep interest rates unchanged, with markets pricing in a policy pause amid easing but still above-target inflation, steady economic growth, and a resilient labor market. Remarks from Fed Chair Jerome Powell will be closely watched for clues on the future policy path.
• EUROPEAN MARKET : European stocks were mostly higher on Tuesday, supported by a trade agreement between the European Union and India, while investors awaited further corporate earnings releases and the Federal Reserve’s rate decision. France’s CAC 40 rose 0.3% and the U.K.’s FTSE 100 gained 0.6%, while Germany’s DAX edged down 0.1%.
European car sales recorded growth for a third consecutive year in 2025, with new vehicle registrations rising 2.4% to 13.3 million units, driven by a surge in December. However, the lack of major economic data releases in the eurozone kept market focus on the start of the Fed’s two-day policy meeting in the U.S.
• ASIAN MARKET : Asian stock markets advanced on Tuesday, tracking Wall Street’s overnight rally as investors prepared for a busy week of earnings releases from major U.S. technology companies.
In South Korea, the KOSPI jumped more than 2% after reversing early losses driven by tariff concerns. Shares of SK Hynix surged 6%, while Samsung gained 3%, despite earlier pressure following comments by U.S. President Donald Trump about plans to raise tariffs on South Korean imports to 25%.
Elsewhere, Japan’s Nikkei 225 rose 0.3%, though gains were limited by a stronger yen. Chinese blue-chip stocks and the Shanghai Composite posted modest gains, while Hong Kong’s Hang Seng index climbed 1.5%, led by technology shares.
• COMMODITIES : Oil prices settled about 3% higher on Tuesday, supported by supply disruptions caused by a winter storm that hampered production and reduced U.S. Gulf Coast crude exports to zero over the weekend.
Brent crude rose USD 1.98, or 3.02%, to USD 67.57 per barrel, while U.S. WTI crude gained USD 1.76, or 2.9%, to USD 62.39 per barrel. Analysts estimate that U.S. oil producers lost up to 2 million barrels per day, or around 15% of national output, as the severe storm strained energy infrastructure and power grids.
• INDONESIA : The Jakarta Composite Index (IHSG) closed relatively flat, up 0.05% at 8,980.33. We see selling pressure potentially emerging, which could trigger a pullback toward the 8,700–8,800 range, driven by MSCI’s regulatory review of Indonesian stocks for the current rebalancing period that has temporarily frozen new inclusions pending regulatory improvements.
The IHSG continues to attempt to hold near the key psychological resistancesupport level of 9,000 and still has rebound potential, given its tendency to reject and rebound from the MA20, maintaining an overall uptrend structure. Caution remains warranted amid current volatility, as RSI indicators signal oversold conditions alongside negative divergence, pointing to correction risks. Despite this, momentum remains strong enough to support narrativebased trading strategies.
For high-liquidity stocks, gold-related commodity plays remain attractive amid record-high gold prices, along with other metal-based commodities. For lower-liquidity names, accumulation opportunities may be found in general insurance stocks and KBMI 1 banks, supported by capital injection catalysts.
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