Mid-Afternoon Market Update: Crude Oil Down Over 3%; SAP Shares Slide On Lowered Outlook

Toward the end of trading Monday, the Dow traded down 2.74% to 27560.09 while the NASDAQ fell 2.16% to 11,298.61. The S&P also fell, dropping 2.24% to 3,387.72.

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

Utilities shares slipped by just 0.1% on Monday. Meanwhile, top gainers in the sector included American Electric Power Company, Inc. AEP, up 2%, and Ellomay Capital Ltd. ELLO, up 5%.

In trading on Monday, energy shares tumbled 3.8%.

Top Headline

Hasbro, Inc. 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 LLIT shares shot up 31% to $4.2510 after the company announced it would merge with Newegg.

Shares of Muscle Maker, Inc. GRIL got a boost, shooting 32% to $2.0150 after the company announced it acquired one of its previously franchised-owned locations in the Chelsea neighborhood of Manhattan.

Document Security Systems, Inc. DSS shares were also up, gaining 56% to $6.32 after the company swung to a profit in the third quarter.

 

Equities Trading DOWN

BioSig Technologies, Inc. BSGM shares tumbled 42% to $2.91 after the company announced its ViralClear Pharmaceuticals subsidiary has halted its Phase 2 hospitalization coronavirus trial.

Shares of SAP SE SAP were down 24% to $113.37 after the company reported around 4% year-over-year drop in revenue for the third quarter and lowered its revenue outlook for the year.

Aileron Therapeutics, Inc. ALRN was down, falling 28% to $1.3750 after the company disclosed clinical data from ongoing ALRN-6924 Phase 1b trial.

Commodities

In commodity news, oil traded down 3.4% to $38.48, while gold traded down 0.1% to $1,904.60.

Silver traded down 1% Monday to $24.42 while copper fell 1.4% to $3.0860.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.81%, the Spanish Ibex Index fell 1.4%, while Italy’s FTSE MIB Index declined 1.76%. Meanwhile, the German DAX 30 dropped 3.71%, French CAC 40 fell 1.9% and London’s FTSE 100 fell 1.16%.

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.

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

The Dallas Fed general business activity index for manufacturing increased rose 6.2 points to a reading of 19.8 in October.