Benzinga | Aug 25, 2020 11:59AM EDT

Mid-Morning Market Update: Markets Mostly Lower; Hormel Foods Earnings Top Views

Following the market opening Tuesday, the Dow traded down 0.24% to 28240.82 while the NASDAQ rose 0.01% to 11378.17. However, the S&P fell 0.02% to 3431.91.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,741,080 cases with around 177,280 deaths. Brazil confirmed a total of over 3,622,860 COVID-19 cases with 115,300 deaths, while India reported a total of at least 3,167,320 confirmed cases and 58,390 deaths. In total, there were at least 23,676,590 cases of COVID-19 worldwide with over 813,780 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares gained 0.6% on Tuesday. Meanwhile, top gainers in the sector included Orchard Therapeutics plc (NASDAQ:ORTX), up 25%, and iBio, Inc. (NYSE:IBIO), up 20%.

In trading on Tuesday, utilities shares fell by 0.9%.

Top Headline

Hormel Foods Corp (NYSE:HRL) reported better-than-expected earnings for its third quarter..

Hormel Foods reported quarterly earnings of $0.37 per share, beating analysts' estimates of $0.34 per share. The company reported sales of $2.40 billion, also surpassing expectations of $2.37 billion.

Equities Trading UP

Viveve Medical, Inc. (NASDAQ:VIVE) shares shot up 117% to $1.153 after the company announced positive primary efficacy data from its three-arm, five-month stress urinary incontinence feasibility study, which is comparing the company's cryogen-cooled monopolar radiofrequency treatment and a cryogen-only sham treatment to an inert sham treatment for mild-to-moderate SUI in women. Additionally, the company announced positive outcomes from an in-vivo preclinical study that was conducted to validate its new inert sham tip for use in the upcoming pivotal PURSUIT Trial in the U.S.

Shares of Sigma Labs, Inc. (NASDAQ:SGLB) got a boost, shooting 47% to $3.6692 after the company reported that it has been awarded a contract by Mitsubishi Heavy Industries.

Orchard Therapeutics plc (NASDAQ:ORTX) shares were also up, gaining 26% to $6.95. On Monday, Orchard Therapeutics announced clinical data presentations at the 46th Annual Meeting of the European Society for Blood and Marrow Transplantation.

Equities Trading DOWN

The Children's Place, Inc. (NASDAQ:PLCE) shares tumbled 20% to $18.65 after the company reported wider-than-expected Q2 loss.

Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) were down 18% to $3.19. Sonnet BioTherapeutics shares climbed over 48% on Monday after the U.S. FDA issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Cancer Genetics, Inc. (NASDAQ:CGIX) was down, falling 18% to $5.13. Cancer Genetics shares jumped 115% on Monday after the company announced the entry into a definitive merger agreement with StemoniX.

Commodities

In commodity news, oil traded up 0.2% to $42.71, while gold traded down 0.5% to $1,930.20.

Silver traded down 0.1% Tuesday to $26.59, while copper fell 0.1% to $2.9255.

Euro zone

European shares were higher today. The eurozone's STOXX 600 climbed 0.6%, the Spanish Ibex Index rose 0.6%, while Italy's FTSE MIB Index surged 0.7%. Meanwhile, the German DAX 30 climbed 0.7%, French CAC 40 rose 0.8% and UK shares rose 0.3%.

Economics

The S&P Corelogic Case-Shiller home price index increased 3.5% year-over-year in June, versus a revised 3.6% rise in the earlier month.

The FHFA house price index rose 0.9% in June.

The Conference Board's consumer confidence index dipped to 84.80 in August, versus a revised reading of 91.70 in the previous month.

U.S. new home sales climbed 13.9% to an annual rate of 901,000 in July.

The Richmond Fed manufacturing index rose to 18 in August versus a reading of 10 in the prior month.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 3:25 p.m. ET.