Holiday Over, JCI and Rupiah Prepare to Welcome the Storm

From the United States stock market, Wall Street tumbled again during trading on Tuesday or early Wednesday Indonesian time.

This weakness contrasted sharply with the steep rise that occurred the previous day.

The S&P index fell 0.37% and closed at 6,556.37, while the Dow Jones Industrial Average lost 84.41 points or 0.18% to 46,124.06. The Nasdaq Composite dropped 0.84% and closed at 21,761.89.

US President Donald Trump stated on Tuesday that the US is currently in negotiations with Iran, adding that the other side wants to reach an agreement.

This came after Trump posted on Truth Social on Monday that the US and Iran had held very good and productive talks regarding a full and total resolution to our hostilities in the Middle East.

That statement had briefly pushed major indices up more than 1% on Monday. However, Iranian state media reported that there were no direct talks between the two countries.

Confusion among Wall Street investors has increased regarding how effective the talks are for ending the war, given that Israel and Iran continue to exchange attacks following the president’s comments on Monday, according to Israeli authorities.

The Pentagon is also reportedly planning to deploy around 3,000 troops to the Middle East, although the US has not yet decided to send ground forces to Iran.

Oil prices rebounded on Tuesday after plunging in the previous session. Global Brent crude futures rose 4.55% to US$104.49 per barrel, while West Texas Intermediate futures climbed 4.79% to US$92.35 per barrel.

The energy sector also performed best in the S&P 500 during that session, rising 2%. Month-to-date, the sector has recorded a gain of more than 9% and is the only sector in the S&P 500 still in positive territory for that period.

“What we are seeing now is great uncertainty regarding Iran, and as a result, I think the market will move sideways, with fairly volatile movements, until visibility improves,” said Terry Sandven, chief equity strategist at U.S. Bank Asset Management, quoted from CNBC International.

“If the S&P 500 closes below 6,500, there is likely to be further downside,” he added.

Investors also received a slight positive sentiment on Tuesday when Pakistan offered to facilitate talks between the two countries.

Previously, Trump had threatened over the weekend to attack Iran’s power plants if the Strait of Hormuz was not reopened. Iran responded by stating it would target US infrastructure in retaliation.

Markets will reopen today, Wednesday (25/3/2026), after the long Eid al-Fitr holiday.

Market players will once again monitor several important sentiments in the remaining trading this week, which will only be open for three days until Friday.

Even though this week is shorter, investor attention remains focused on various important global and domestic agendas.

From developments in money supply, US consumer sentiment data, US import and export price releases, to initial US jobless claims that will provide the latest picture of the Uncle Sam’s labour market conditions.

This series of sentiments is expected to act as catalysts driving the market, from stocks and the rupiah exchange rate to commodity prices throughout this week’s trading.

War Developments Update

The Iran versus Israel and US war remains hot. The heating up of the war will have a major impact on Indonesian stock movements. In the latest developments,

US President Donald Trump said on Tuesday (24/3/2026) that the United States is making progress in efforts to negotiate an end to the war with Iran, including obtaining key concessions from Tehran. A source also confirmed that Washington has sent a 15-point settlement proposal to Iran.

Trump told reporters at the White House that the US is talking to the “right people” in Iran to reach an agreement to end the hostilities, adding that the Iranian side is very eager to reach a deal.

“We are in negotiations now,” he said.

Tehran denied any direct talks. Influential Iranian parliamentary speaker Mohammad Baqer Qalibaf on Monday dismissed the reports as “fake news.”

The New York Times reported on Tuesday that Washington sent a 15-point plan to Iran to end the war in the Middle East. Israel’s Channel 12 media, citing three sources, said the US is seeking a one-month ceasefire to discuss the plan.

A source familiar with the matter confirmed that the US has sent the plan to Iran but did not provide further details.

The Israeli media mentioned that the plan includes dismantling Iran’s nuclear programme, stopping support for proxy groups, and reopening the Strait of Hormuz.

Israeli Prime Minister Benjamin Netanyahu’s office has not yet responded to requests for comment.

Trump also told reporters that Iran has given valuable concessions regarding non-nuclear energy and the Strait of Hormuz, though he did not elaborate further.

Iran has informed the UN Security Council and the International Maritime Organization that “non-hostile” ships can pass through the Strait of Hormuz if they coordinate with Iranian authorities, according to documents seen by Reuters on Tuesday.

Iran has effectively closed that route—which normally carries around 20% of the world’s oil supply—since the US and Israel launched attacks four weeks ago, creating the worst energy supply shock in history and driving fuel prices to surge sharply.

“That is a very big gift, worth an enormous amount of money,” said Trump regarding Iran, adding: “It is a very good thing they did.”

However, attacks from the US,