U.S. equities closed on a mixed note on Monday, with major indices experiencing a slight dip. The S&P 500, a broad measure of the U.S. stock market, fell around 0.4%, while the Dow Jones Industrial Average declined by 0.87%, settling at 42,901.38. The tech-heavy NASDAQ Composite Index fared slightly better, slipping just 0.03% to close at 18,484.12.
Sector performance was uneven. Information technology shares led the rally, with a jump of 0.4% on the day, suggesting continued investor optimism about the technology sector. Conversely, real estate shares took a tumble, dropping by 1.9%, indicating potential concerns about the real estate market.
Several individual stocks made headlines on Monday. Spirit Airlines, Inc. (SAVE) announced an extension of its 2025 notes’ deadline, pushing it from October 21 to December 23 and the early maturity date from December 31 to March 3. This indicates that the airline is working to manage its debt obligations.
Viad Corp (VVI) saw its shares surge by 17% after the company announced a deal to sell its GES business to Truelink Capital for $535 million. This deal marks a significant development for Viad Corp, which has been working to streamline its operations and focus on core businesses.
Construction Partners, Inc. (ROAD) saw its stock rise by 11% after exceeding revenue estimates for Fiscal Year 2025 and announcing the acquisition of Asphalt Inc for $654 million in cash and 3 million class A common stock. This acquisition is expected to bolster Construction Partners’ presence in the market.
Siyata Mobile Inc. (SYTA) also saw a substantial increase in its stock price, with a gain of 75%. The company announced the availability of its next-generation SD7 Ultra series 5G mission-critical push-to-talk cellular radio handsets on T-Mobile’s 5G network, signaling significant advancements in its product portfolio.
Not all companies experienced positive stock movements. Sezzle Inc. (SEZL) saw a significant drop of 14% as investors braced for the company’s third-quarter results, which are set to be released after the market close on November 7. Shares of Innventure, Inc. (INV) and IGM Biosciences, Inc. (IGMS) also experienced declines, falling by 7% and 9%, respectively.
Commodities continued to exhibit mixed performance. Oil prices climbed by 2.1%, reaching $70.66 per barrel, while gold prices saw a modest increase of 0.3%, settling at $2,739.00 per ounce. Silver prices gained 2.4%, trading at $34.040 per ounce, while copper prices fell by 0.6% to $4.3595 per pound.
Across the Atlantic, European markets closed lower on Monday. The eurozone’s STOXX 600 index fell by 0.66%, while Germany’s DAX index dropped by 1% and France’s CAC 40 index declined by 1.01%. Spain’s IBEX 35 Index also fell by 0.71%, while London’s FTSE 100 dropped by 0.48%. Producer prices in Germany declined by 1.4% year-over-year in September, indicating a continued easing of inflationary pressures.
In Asia, markets closed mixed. Japan’s Nikkei 225 index fell by 0.07%, Hong Kong’s Hang Seng Index dipped by 1.57%, while China’s Shanghai Composite Index gained 0.20%. India’s BSE Sensex fell by 0.09%. The People’s Bank of China lowered its one-year loan prime rate by 25 basis points to 3.1%, a move aimed at boosting economic growth.
While no major economic reports were scheduled for release on Monday, the market continues to navigate a complex landscape, with ongoing uncertainty regarding global economic conditions, inflation, and interest rate policies.
