U.S. stocks took a downward turn on Monday, with the Dow Jones Industrial Average falling over 300 points. The Dow traded down 0.70% to 42,973.32, while the NASDAQ slipped 0.17% to 18,457.71. The S&P 500 also followed suit, dropping 0.40% to 5,841.16.
Information technology shares bucked the trend, jumping by 0.3% on the day. Real estate shares, however, lagged behind, falling by 1.9%.
Top Headlines
Spirit Airlines, Inc. (SAVE) made headlines by announcing a modification to its card processing agreement. The move extended the deadline for its 2025 notes from October 21 to December 23 and pushed back the early maturity date from December 31 to March 3.
Equities Trading UP
Viad Corp (VVI) shares soared 14% to $40.64 after the company announced a deal to sell its GES business to Truelink Capital for $535 million. Construction Partners, Inc. (ROAD) shares also experienced a surge, jumping 12% to $83.53. This surge followed the company’s release of FY25 revenue projections that exceeded estimates. Construction Partners also announced its plans to acquire Asphalt Inc. for a combination of cash ($654 million) and 3 million shares of Class A common stock.
Siyata Mobile Inc. (SYTA) shares climbed 82% to $1.8294 following the announcement that its next-generation SD7 Ultra series 5G mission-critical push-to-talk cellular radio handsets will be available on T-Mobile’s 5G network.
Equities Trading DOWN
Sezzle Inc. (SEZL) shares took a tumble, dropping 11% to $200.00. The company is set to release its third-quarter results after the market closes on November 7.
Innventure, Inc. (INV) shares fell 10% to $11.29, while IGM Biosciences, Inc. (IGMS) dropped 9% to $15.15.
Commodities
In commodity news, oil traded up 1.3% to $70.09, while gold saw a gain of 0.2% at $2,735.00. Silver also rose 1.8% to $33.840 on Monday, while copper fell 0.8% to $4.3500.
Eurozone
European shares experienced a decline across the board on Monday. The eurozone’s STOXX 600 fell 0.66%, Germany’s DAX dropped 1%, and France’s CAC 40 fell 1.01%. Spain’s IBEX 35 Index fell 0.71%, while London’s FTSE 100 fell 0.48%. Producer prices in Germany declined 1.4% year-over-year in September, compared to a 0.8% decline in the previous two months.
Asia Pacific Markets
Asian markets closed mostly lower on Monday. Japan’s Nikkei 225 fell 0.07%, Hong Kong’s Hang Seng Index dipped 1.57%, and India’s BSE Sensex fell 0.09%. China’s Shanghai Composite Index, however, gained 0.20%. The People’s Bank of China reduced its one-year loan prime rate by 25 basis points to 3.1% at the October fixing.
Economics
No major economic reports are scheduled for release today.