Benzinga | Oct 26, 2020 10:18AM EDT

Mid-Morning Market Update: Markets Open Lower; Hasbro Reports Upbeat Profit

Following the market opening Monday, the Dow traded down 1.33% to 27957.65 while the NASDAQ fell 0.17% to 11529.00. The S&P also fell, dropping 0.92% to 3,433.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,636,990 cases with around 225,230 deaths. India confirmed a total of at least 7,909,950 confirmed cases and 119,010 deaths, while Brazil reported over 5,394,120 COVID-19 cases with 157,130 deaths. In total, there were at least 43,117,880 cases of COVID-19 worldwide with over 1,154,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares rose 0.01% on Monday. Meanwhile, top gainers in the sector included Dunkin' Brands Group, Inc. (NASDAQ:DNKN), up 16%, and LAIX Inc. (NYSE:LAIX), up 4%.

In trading on Monday, industrials shares fell 2%.

Top Headline

Hasbro, Inc. (NASDAQ:HAS) reported better-than-expected earnings for its third quarter.

Hasbro reported quarterly earnings of $1.88 per share, missing analysts' estimates of $1.62 per share. The company posted sales of $1.78 billion, surpassing expectations of $1.73 billion.

Equities Trading UP

Lianluo Smart Limited (NASDAQ:LLIT) shares shot up 29% to $4.18 after the company announced it would merge with Newegg.

Shares of Selecta Biosciences, Inc. (NASDAQ:SELB) got a boost, shooting 34% to $3.80 after director Timothy Springer significantly increased his stake in the company.

Document Security Systems, Inc. (NYSE:DSS) shares were also up, gaining 32% to $5.33 after the company swung to a profit in the third quarter.



Equities Trading DOWN

BioSig Technologies, Inc. (NASDAQ:BSGM) shares tumbled 38% to $3.1292 after the company announced its ViralClear Pharmaceuticals subsidiary has halted its Phase 2 hospitalization coronavirus trial.

Shares of SAP SE (NYSE:SAP) were down 22% to $117.20 after the company reported around 4% year-over-year drop in revenue for the third quarter and lowered its revenue outlook for the year.

BiondVax Pharmaceuticals Ltd. (NASDAQ:BVXV) was down, falling 18% to $4.24 on continued momentum from Friday after the company announced the results from its pivotal, phase 3 clinical trial of M-001 as a standalone universal flu vaccine candidate did not meet both the primary and secondary efficacy endpoints.

Commodities

In commodity news, oil traded down 1.9% to $39.08, while gold traded up 0.1% to $1,906.70.

Silver traded down 1% Monday to $24.42 while copper fell 0.3% to $3.1205.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.8%, the Spanish Ibex Index fell 0.1%, while Italy's FTSE MIB Index declined 0.7%. Meanwhile, the German DAX 30 dropped 2.2%, French CAC 40 fell 0.5% and London's FTSE 100 fell 0.3%.

German Ifo Business Climate indicator dipped to 92.7 in October versus a seven-month high of 93.2 in September. Spain's producer prices dropped 3.3% year-over-year in September after falling 3.5% in the prior month.

Economics

The Chicago Fed National Activity Index declined to 0.270 in September versus prior reading of 0.790.

Sales of new US homes fell 3.5% to an annual rate of 959,000 in September.

The Dallas Fed Manufacturing index for October is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.