Dow Dips Over 300 Points; Viad Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones index falling over 300 points on Monday.

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 fell, dropping, 0.40% to 5,841.16.

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Leading and Lagging Sectors

Information technology shares jumped by 0.3% on Monday.

In trading on Monday, real estate shares fell by 1.9%.

Top Headline

Spirit Airlines, Inc. SAVE announced that on October 11, it modified its card processing agreement to extend the deadline for its 2025 notes from October 21 to December 23 and the early maturity date from December 31 to March 3.

Equities Trading UP
                       

• Viad Corp VVI shares shot up 14% to $40.64 after the company announced it entered into a deal to sell its GES business to Truelink Capital for $535 million.
• Shares of Construction Partners, Inc. ROAD got a boost, surging 12% to $83.53 after the company issued FY25 revenue above estimates. Also, Construction Partners announced it will acquire Asphalt Inc for a mix of cash $654 million in cash and 3 million in class A common stock
• Siyata Mobile Inc. SYTA shares were also up, gaining 82% to $1.8294 after the company announced 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 dropped 11% to $200.00. Sezzle will release its third quarter results after the market close on Nov. 07.
• Shares of Innventure, Inc. INV were down 10% to $11.29.
• IGM Biosciences, Inc. IGMS was down, falling 9% to $15.15.

Commodities

In commodity news, oil traded up 1.3% to $70.09 while gold traded up 0.2% at $2,735.00.

Silver traded up 1.8% to $33.840 on Monday, while copper fell 0.8% to $4.3500.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.66%, Germany's DAX fell 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 fell 1.4% year-over-year in September compared to a 0.8% decline in the prior two months.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 0.07%, Hong Kong's Hang Seng Index dipped 1.57%, China's Shanghai Composite Index gaining 0.20% and India's BSE Sensex falling 0.09%.

The People’s Bank of China cut its one-year loan prime rate by 25bps to 3.1% at the October fixing.

Economics

No major economic reports are scheduled for release today.

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