KEY HIGHLIGHTS
Closing Bell: Fourth Day Of Gains
Indian equity markets ended higher for the fourth straight day, led by a rally in the final hour.
The S&P BSE Sensex ended 0.6% higher at 39,073 while the NSE Nifty 50 index ended 0.66% higher at 11,548.
Tomorrow will be the F&O expiry session of the August series.
Banks and Autos were the outperformers in today's session. The Nifty Auto ended 1.5% higher led by Tata Motors and two-wheeler stocks while the Nifty Bank ended 1.4% higher. The Nifty Bank is now up 1,400 points in the last four trading sessions.
The Media index was the top sectoral gainer, ending 2.5% higher. Nifty FMCG and Nifty Pharma ended flat but with a negative bias.
The midcap and smallcap indices ended higher for the eighth straight session - the longest winning streak since January this year. The midcap index gained 0.5% while the smallcap index ended 1% higher.
India Volatility Index ended 0.4% higher at 19.39.
Market breadth was in favour of the gainers. 1,076 stocks on the NSE ended with gains while 752 posted losses.
How Did The Sectoral Indices Fare
Buzzing Stock: Blue Star
- Trading at the highest point of the day
- Gains as much as 6.6% to Rs 624
- Biggest single-day gain in four months
- Trades at the highest level in five months
- Gains for the fifth straight day
- Has gained in 11 out of the last 13 trading sessions
- Up 25% in the last 13 trading sessions
- Today's volumes are 94% higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 83
- Stock nearing its 200-Day Moving Average of 642.7
- Has gained over 50% from its 52-week low of Rs 408.9 on March 24, 2020
- 12 out of the 26 analysts tracking the stock have a buy recommendation
- The stock trades 17.8% higher than its 12-month consensus price target of Rs 505, implying a negative return potential
Buzzing Stock: Aklyl Amines
- Trades at an all-time high
- Gains as much as 9.8% to Rs 3,600
- Has gained in three out of the last four trading sessions
- Up 20% in the last four trading sessions
- Today's volumes are 63% higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 83
- Has gained over 400% from its 52-week low of Rs 716.5 on August 26, 2019
- All three analysts tracking the stock have a buy recommendation
- The stock trades 4.4% higher than its 12-month price target of Rs 3,355, implying a negative return potential
Stock Reaction: Lupin
The drugmaker along with Mylan have announced the launch of Nepexto's biosimilar etanercept in the German market.
Nepexto is used in the treatment of moderate to severe active rheumatoid arthritis, moderate to severe plaque psoriasis and chronic severe plaque psoriasis.
Nepexto is available as an injectable in an easy-to-use pre-filled pen and a pre-filled syringe, as per its exchange filing.
Shares gained as much as 1.5% to Rs 986.2, before cooling off.
Stock Reaction: KNR Constructions
The company has informed the exchanges that it has won an order worth Rs 1,157 crore from the Tamil Nadu Government.
The order involves the construction of an elevated highway along Avinashi road in Coimbatore city from Goldwins to Upplipalayam, the company said in an exchange filing.
The project is scheduled to be completed within a period of 48 months from the appointed date.
Shares recovered from the day's low to gain as much as 2.4% to Rs 272.5, post the announcement. The stock is up for the fourth straight day.
Buzzing Stock: Venky's India
- Second best performer on the Nifty 500 index
- Gains as much as 13.7% to Rs 1,539
- Trades at the highest level in six months
- Sustaining above its 200-Day Moving Average at 1,302 for the ninth straight session
- Today's volumes are 90% higher than its 20-day average
- Trading in overbought territory with Relative Strength Index (RSI) at 78
- Has more than doubled from its 52-week low of Rs 580 on March 24, 2020
- Both analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 31%
Third Day Of Losses For The Pharma Index
Buzzing Stock: IFB Industries
- Up for the third straight day
- Gains as much as 10.8% to Rs 533.6
- Biggest single-day gain in four months
- Trading at the highest level in six months
- Has gained 18% in the last three trading sessions
- Today's volumes are five times higher than its 20-day average
- Breaks out above its 200-Day Moving Average at 481
- Stock in overbought territory with Relative Strength Index (RSI) at 82
- Has more than doubled from its 52-week low of Rs 219.2 on March 24, 2020
- Two out of the three analysts tracking the stock have a buy recommendation
- The stock trades 16.8% higher than its 12-month consensus price target of Rs 431.3, implying a negative return potential
Markets At 2:10 P.M.
- Benchmark indices gain momentum
- Nifty up 0.43% at 11,521
- Sensex up 0.34% at 38,974
- Nifty Bank up 1% at 23,316
- Nifty Midcap index up 0.7%
- Nifty Smallcap index up 1.2%
- India Volatility Index down 0.4% at 19.2
- Nifty Media extends gains as the top sectoral gainer; up 2.4%
- Nifty Auto is the other major sectoral gainer; up 1.6%
- Nifty FMCG and Nifty Pharma are the only sectoral laggards, down 0.3% each
- Tata Motors remains the top Nifty gainer; up 7%
- Bharti Airtel remains the top Nifty laggard; down 2.7%
- 1,081 stocks on the NSE trade with gains while 715 stocks decline
Money Market Update
The currency continued to remain flat, in-line with the muted trade witnessed in the equity markets.
The rupee ended little changed at 74.30 against the U.S. Dollar as compared to Tuesday's close of 74.33.
The currency had made an intraday high of 74.24 and an intraday low of 74.45, before recovering to end flat.
Today's flat closing put rupee as the fifth best performing currency in Asia with the Thai Baht, the onshore and offshore Chinese Renminbi and the Japanese Yen outperforming the currency.
Yield on the 10-year government bond ended at 6.192% as compared to Tuesday's close of 6.129%.
Active Stock Options
- Reliance Industries' 2,100 Call: Premium up 60.3% to Rs 26.3. The contract has shed 1,542 shares in Open Interest.
- Bajaj Finance's 3,700 Call: Premium down 58.8% to Rs 12.3. The contract has shed 250 shares in Open Interest.
- Tata Motors' 135 Call: Premium up 100% to Rs 1.7. The contract has added 33 shares in Open Interest.
Buzzing Stock: Tata Motors
- Top gainer on the Nifty Auto index
- Second best performer on the Nifty 50 index
- Gains as much as 6.4% to Rs 135.2
- The stock trades at the highest level in six months
- Up for the third straight day
- Has gained 12% in the last three trading sessions
- Breaks above its 200-Day Moving Average at 126.9
- Today's volumes are triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 70
- Has doubled from its 52-week low of Rs 63.5 on March 24, 2020
- 17 out of the 37 analysts tracking the stock have a buy recommendation
- The stock trades 10.8% higher than its 12-month consensus price target of Rs 119.5, implying a negative return potential
F&O Snapshot: Active Options Contracts
- Nifty August futures add 18% and 11.8 lakh shares in Open Interest.
- Nifty Bank August futures add 20.6% and 2.1 lakh shares in Open Interest.
Nifty: August 27 Expiry
- 11,500 Call: Premium down 10.4% to Rs 37.7. The contract has added 25,006 shares in Open Interest.
- 11,500 Put: Premium down 18.2% to Rs 57.9. The contract has added 24,600 shares in Open Interest.
- 11,400 Put: Premium down 27.8% to Rs 22.4. The contract has added 25,620 shares in Open Interest.
Nifty Bank: August 27 Expiry
- 23,500 Call: Premium up 20% to Rs 60.4. The contract has added 30,715 shares in Open Interest.
- 23,000 Put: Premium down 43.6% to Rs 95. The contract has added 39,052 shares in Open Interest.
- 23,300 Call: Premium up 26.5% to Rs 128.7. The contract has added 10,623 shares in Open Interest.
Buzzing Stock: Firstsource Solutions
- Trades at the highest level since September 2018
- Gains as much as 4.3% to Rs 66.5
- Up for the fourth straight day
- Has gained 17% in the last four trading sessions
- Today's volumes are 67% higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 80
- Has tripled from its 52-week low of Rs 20 on March 24, 2020
- Four out of the six analysts tracking the stock have a buy recommendation
- The stock trades 13% higher than its 12-month consensus price target of Rs 57.5, implying a negative return potential
European Markets Open Lower
Benchmark indices in Europe have opened with declines, extending Tuesday’s fall.
The stoxx 600 has opened flat and below its 200-Day Moving Average. Real Estate and Banking stocks are gaining while Oil & Gas stocks are laggards.
Asian markets have ended with a negative bias while futures on the Dow Jones are trading lower by 85 points.
Brent crude is little changed near a five-month high of $45.9 per barrel while gold is 0.6% lower at $1,916.1/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 down 0.4% at 3,316
- DAX down 0.4% at 13,011
- CAC down 0.6% at 4,877
- FTSE 100 down 0.5% at 6,008
- IBEX 35 down 0.4% at 7,080
How Are The Sectoral Indices Faring
Buzzing Stock: Indiabulls Housing Finance
- Among the top performers on the Nifty Midcap index
- Gains as much as 8.1% to Rs 223
- Biggest single-day gain in two months
- Up for the second straight day
- Trades at the highest level in a month
- Breaks above its 200-Day Moving Average at 217
- Today's volumes are quadruple its 20-day average
- The stock has nearly tripled from its 52-week low of Rs 81 on March 20, 2020
- One out of the four analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 27% higher than its 12-month consensus price target of Rs 160, implying a negative return potential
Century Plyboards Sees Revival In Sales
India's largest seller of Plyboards - Century Plyboards Ltd. is witnessing sales rise towards levels seen in the pre-pandemic era, with demand from villages, Bloomberg News reports.
The Kolkata-based company estimates revenue in the second quarter to be as much as 75% of the same period during 2019 and may recover completely by March, Executive Director Keshav Bhajanka told Bloomberg News over phone.
Bhajanka, however declined to predict when will growth resume.
"The company was able to do well in June and July because the upcountry markets have done better probably since the infection is lower there," he said.
Bhajanka also believes that overseas sales will be back on track this quarter.
The company holds 25% of India's organised plywood market and exports mainly to South-east Asian countries.
Fourth Day Of Gains For The Auto Index
Markets At Noon
- Benchmark indices continue to remain sluggish
- Nifty unchanged at 11,480
- Sensex unchanged at 38,830
- Nifty Bank up 0.7% at 23,246
- Nifty Midcap index up 0.7%
- Nifty Smallcap index up 1%
- India Volatility Index up 0.6% to 19.43
- Nifty Media and Nifty Auto are the top sectoral gainers; up 1.7% each
- Nifty Metal and Nifty Realty up 1.2% each
- Nifty FMCG and Nifty Pharma are the sectoral laggard; down 0.3% each
- Tata Motors is the top Nifty gainer; up 6%
- Bharti Airtel remains the top Nifty laggard; down 2.4%
- 1,061 stocks on the NSE trade with gains while 697 decline
Buzzing Stock: IndoStar Capital Finance
- Top gainer on the Nifty 500 index
- Gains as much as 19.3% to Rs 329.4
- Biggest single-day gain on record
- Trades at the highest level since July 2019
- Up for the third straight day
- Has gained 25% in the last three trading sessions
- Broke above its 100-Day Moving Average at 270 on Tuesday
- Today's volumes are 90 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 77
- Stock has doubled from its 52-week low of Rs 166 on December 10, 2019
- Two out of the six analysts tracking the stock have a buy recommendation
- The stock trades 24.4% higher than its 12-month consensus price target of Rs 239, implying a negative return potential
Stock Reaction: FDC
The drugmaker announced on Tuesday that it has launched two variants of the Covid-19 drug Favipiravir - PiFLU and Favenza which will be used in the treatment of mild to moderate cases of Covid-19 in India.
Both drugs are currently available across the country, the company said in a filing.
The DGCI had approved the use of Favipiravir - an oral anti-viral drug to treat patients in India with mild to moderate symptoms.
“This will be a very positive development for FDC,” Yash Gupta of Angel Broking wrote in a note.
Shares gained as much as 6.4% to Rs 337.8 and have snapped a four-day losing streak.
Stock Reaction: Affle India
The company has informed the exchanges that it has won a contract from the Singapore Government to build a digital and cloud-based commuter survey platform for its Land Transport Authority (LTA).
The total of the contract is over $1 million, as per the company's exchange filing. The company is engaged on six projects across multiple Singapore government agencies as on date.
“These wins are significant validation of our Affle2.0 verticalization strategy and strengthen our long-term growth trend,” Chairman, MD & CEO Anuj Khanna Sohum was quoted as saying.
The stock is locked in a 5% upper circuit at Rs 2,943. This is the fourth straight day of upper circuits for the stock.
The last three sessions had seen upper circuits of 10%, post which the price band was revised to 5%. The stock is trading at an all-time high.
Buzzing Stock: Avanti Feeds
- Top performing stock on the Nifty Smallcap index
- Gains as much as 7.8% to Rs 566
- Biggest single-day gain in two months
- Trades at the highest level in six months
- Up for the third straight day
- Has gained in six out of the last eight trading sessions
- Up 16% in the last eight trading sessions
- Today's volumes are seven times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 77
- Sustains above its 200-Day Moving Average after breakout on August 18
- Has more than doubled from its 52-week low of Rs 250 on March 24, 2020
- All four analysts tracking the stock have a buy recommendation
- The stock is trading at its 12-month consensus price target of Rs 557.5
Stock Reaction: Acrysil
The largest manufacturer of Quartz Kitchen Sinks in India, announced that it will be expanding its production capacity of Quartz Kitchen sinks by 20%.
The brownfield expansion will take place at the company's Bhavnagar plant, the exchange filing said.
The expansion will lead to an increase in capacity to 6 lakh units per annum from the current 1 lakh units per annum.
The company attributed the need for expansion to meet the increasing demand from the export market.
The company's export business contributed to 73% of the total revenue as of March 31, 2020.
It intends to finance the envisaged capex of Rs 15 crore through internal accruals. The expansion project is likely to be commissioned by March 2021, the exchange filing said.
Shares of the Rs 342 crore market-cap company rose as much as 5% to Rs 128.3 and are trading at the highest level in six months.
Media Index Up In Seven Out Of Last Eight Sessions
Earnings Reaction: IRCON International Q1FY21
- Revenue down 51% to Rs 527 crore
- Net profit down 76% to Rs 34.5 crore
- Ebitda down 66% to Rs 59.8 crore
- Ebitda margin at 11.3% from 16.4%
- India business revenue down 62% to Rs 392.2
- International business revenue down 9.5% to Rs 85.13 crore
- Revenue for the quarter reduced substantially due to the nationwide lockdown
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 3.2% to Rs 93.75, snapping a three-day gaining streak.
Buzzing Stock: GIC Housing Finance
- Up for the second straight day
- Gains as much as 18.3% to Rs 128.9
- Biggest single-day gain in over two months
- Trades at the highest level in six months
- Up 22% in the last two trading sessions
- Closed above its 200-Day Moving Average of 106.9 on Tuesday and now sustaining above it
- Today's volumes are 40 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 81
- More than doubled from its 52-week low of Rs 51.1 on March 25, 2020
- The stock trades near its 12-month consensus price target of Rs 120
Large Trade Alert: CG Power
2.29 crore shares of the company exchanged hands in nine large trades, as per Bloomberg data.
The amount of shares that exchanged hands amount to 3.65% of the total equity.
Buyers and sellers of the trade remain unknown.
The stock gained as much as 6% to Rs 19.6 and is trading at the highest level since July 2019. The stock is up for the 14th straight day - the most on record.
Markets At 10:20 A.M.
- Benchmark indices give up gains to trade flat
- Nifty unchanged at 11,465
- Sensex down 0.2% at 38,782
- Nifty Bank up 0.64% at 23,235
- Nifty Midcap index up 0.4%
- Nifty Smallcap index up 0.6%
- India Volatility Index up 1% at 19.5
- Nifty Media is the top sectoral gainer; up 1.7%
- Nifty Auto is the other major sectoral gainer; up 1.3%
- Nifty FMCG, Nifty Pharma and Nifty PSU Bank trade with losses
- Adani Ports is the top Nifty gainer; up 4.7%
- Bharti Airtel is the top Nifty laggard; down 2%
- 943 stocks on the NSE trade with gains while 744 decline
Buzzing Stocks: Two-Wheelers
Two-wheeler stocks - Bajaj Auto Ltd., Hero MotoCorp and TVS Motor Ltd. are seeing strong traction in today's trade, after Finance Minister Nirmala Sitharaman said that the GST Council will considering lowering taxes on two-wheelers as they are neither a luxury item nor a sin good.
It a “good suggestion”, Sitharaman said while responding to a query at an industry interaction. GST rate on two-wheelers currently stands at 28%.
Stock Reaction
- TVS Motor: Shares gained as much as 7% - the most in four months to Rs 477. The stock is currently trading at the highest level in six months.
- Hero MotoCorp: Shares gained as much as 5.2% to Rs 3,124. The stock trades at the highest level since January 2019. It is also the second best performer on the Nifty 50 index. Brokerage firm Morgan Stanley has upgraded the stock to overweight from underweight and raised its price target to Rs 3,454 from Rs 2,000.
- Bajaj Auto: Shares gained as much as 4.3% to Rs 3,138. The stock is trading at the highest level in six months.
Money Market Update
The rupee opened flat in today's session after recovering from the day's low on Tuesday to end little changed.
The currency opened at 74.30 against the U.S. Dollar as compared to Monday's close of 74.33.
The rupee was the third worst performing currency in Asia on Tuesday.
Within the bond market today, traders are watching for the treasury bill auction worth Rs 35,000 crore.
Stock Reaction: VA Tech Wabag
The company has raised Rs 120 crore from three high net-worth investors, through a preferential allottment of shares.
The company approved a preferential issue of 75 lakh shares of which 50 lakh shares worth Rs 80 crore will be allotted to Rekha Rakesh Jhunjhunwala.
15 lakh shares will be allotted to Basera Home Finance and 10 lakh to Sushma and Anand Jain of Jai Corporation.
The shares were allotted at an issue price of Rs 160 per share, which is a 30% discount to Tuesday's closing price.
24.6 lakh shares exchanged hands in a single large trade in today’s session as per Bloomberg data. Buyers and sellers in the deal remain unknown.
Shares fell as much as 7.6% - the biggest single-day fall in five months to Rs 210.1.
Coronavirus India Updates
- India reports 67,151 new cases in the last 24 hours
- Total confirmed cases now at 32,34,474
- Active cases now at 7,07,267
- Patients cured / discharged / migrated at 24,67,758
- Death toll rises to 59,449
- 1,059 deaths reported over the last 24 hours
- 63,173 recoveries reported over the last 24 hours
Stock Reaction: JMC Projects
The civil engineering and EPC company informed the exchanges on Tuesday of securing new orders worth Rs 554 crore.
It has won a building project in South India worth Rs 315 crore and a factory project in Maharashtra worth Rs 239 crore, according to its press release.
With these order wins, the company has secured orders worth around Rs 4,000 crore till date in FY21 according to its CEO and Deputy Managing Director SK Tripathi.
These new orders will strengthen our portfolio and will help us further expand our client base in the B&F market.SK Tripathi, CEO & Deputy MD, JMC Projects
Shares gained as much as 16.7% - the most since September 2014 to Rs 62.35. The stock has snapped a three-day losing streak and is trading at a five-month high.
Earnings Reaction: Can Fin Homes
The housing finance division of Canara Bank reported a 24% year-on-year growth in its Net Interest Income to Rs 191.7 crore for the quarter ended June.
The company's net profit rose 15% to Rs 93.2 crore.
The non-bank lender also mentioned that it has made provisions worth Rs 72.9 crore for Covid-19 so far in the two quarters.
Shares rose as much as 8.7% to Rs 419.9. This was the biggest single-day gain for the stock in seven months. The stock is rising for the fourth straight day and is trading at the highest level in five months.
Opening Bell: A Steady Start
Indian equity markets opened with a positive bias for the fourth straight day, with cues from the global markets being mixed.
The S&P BSE Sensex opened 0.22% higher at 38,930 while the NSE Nifty 50 opened above the mark of 11,500 - up 0.35% at 11,512.
Among the sectoral indices - the Nifty Auto index has opened 1.2% higher after Finance Minister Nirmala Sitharaman indicated that the GST council may mull a rate cut on two-wheelers in the next GST council meeting.
Most other sectoral indices remained flat with the media index opening 0.7% higher and the realty index gaining 0.6% at the start of trade.
The Nifty Midcap index gained 0.44% while the Smallcap index is outperforming, trading with gains of 0.75%. Both midcap and smallcap index have opened higher for the seventh straight day.
1,098 stocks on the National Stock Exchange opened with gains while 354 opened with losses.
Latest On The Coronavirus
- Total cases cross 23.8 million globally
- Death toll rises to 8.17 lakh
- Argentina reports 8,771 new cases - second straight rise in record cases
- South Korea reports 320 new cases - government orders striking doctors to return to work
- Children over the age of 11 required to wear face masks in schools in high risk areas over the U.K.
- Overall cases in the U.S. rise 0.6%
- Florida reports 6,05,502 new cases
- California reports 4,480 new cases
- 3,304 new cases reported in France while 878 new cases reported in Italy
- U.S. FDA head acknowledged errors in comments about blood plasma therapy
How Did The Fund Fows Fare On Tuesday
Key Stocks In Focus
- VA Tech Wabag: Board approves issuance of up to 75 lakh shares on a preferential basis at Rs 160 per share. The issue price is a 30% discount to Tuesday's closing. Rekha Rakesh Jhunjhunwala will be issued up to 50 lakh shares while the other 25 lakh will be issued among Basera Home Finance, Sushma Anand Jain and Anand Jaikumar Jain of Jai Corporation.
- Punjab National Bank: Recovers Rs 24 crore in the Nirav Modi case. On liquidation of Nirav Modi's assets by the U.S. Chapter 11 trustee, Rs 82.66 crore were made available for distribution to unsecured creditors including PNB. Further recovery is subject to other expenses and settlement claims of other claimants.
- TCS: S&P revises long-term issuer credit rating to stable from positive while affirming the rating as A. S&P says that the company is likely to face slower growth in revenue and profitability over the next 12-18 months, given subdued global I.T. spends.
- Hindustan Oil Exploration: Malaysia tribunal has upheld certain claims by claimant Hardy Exploration & Production in an arbitration case. The claimant has sought to enforce the award through a petition before the Gujarat High Court and the financial implication is Rs 10 crore. The company will be contesting the case in appropriate legal forums both in India and Malaysia.
- JMC Projects: Received new infra order worth Rs 554 crore in the building and factory segment. It has won orders worth Rs 4,000 crore till date in FY21.
- Acrysil: To expand capacity for quartz kitchen sinks by 20% to 6 lakh units per annum at its Gujarat plant to meet increasing demand from the export market. Total capex of Rs 15 crore will be funded by internal accruals and the new capacity will be commissioned by March 2021.
- J&K Bank: To consider raising Rs 4,500 crore during fiscal 2021, on August 28.
- Non-Nifty Earnings Today: Gillette, GMDC, Indraprastha Gas, Hindustan Foods, DCM
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Another Day Of Consolidation?
Good Morning!
India's benchmark indices ended flat on Tuesday but the Nifty Bank outperformed for the third straight day. The banking gauge has gained more than 1,000 points over the last three sessions.
For the August series, the Nifty 50 has risen 3.3%, while the Sensex is up 3%.
While futures are pointing to a positive start for Wednesday's trade, the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,497 as of 7:40 a.m.
The street will watch out for stocks like Can Fin Homes and Ircon International that reported their quarterly results after market hours on Tuesday. Gillette, GMDC, Indraprastha Gas, Hindustan Foods are set to announce their financials on Wednesday.
The rally in Asian markets has taken a pause as investors mull the pace of recent gains and expectations of loose monetary policy. Markets in Japan, Australia and South Korea are declining, while those in China and Hong Kong are flat.
Futures on the Dow Jones are trading lower by 50 points. The index had ended 0.2% lower on Tuesday. The S&P 500 and Nasdaq outperformed, ending at new record highs.
West Texas Intermediate crude is flat at $43.3 per barrel after Hurricane Laura bore down on key refining facilities on the U.S. coast.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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