US stocks are down on Monday, the first trading day of the fourth quarter.
At 1:00 p.m. ET, the Dow was down 65.36 points (-0.36%), the S&P 500 was lower by 9.75 points (-0.45%) and the Nasdaq was off 22.25 points (-0.42%).
The real estate and utilities sectors led the decline, both falling 1%.
Meanwhile, shares of retailer Cabela surged 14.69% after the company announced that it was being acquired by hunting and fishing retailer Bass Pro Shops for $5.5 billion.
Asset manager Janus Capital Group soared 13.10% on news that it is merging with London-based Henderson Group, valuing the combined firm at $6 billion.
Shares of Winnebago also rose 26.26% after it announced it has agreed to purchase
towable RV-maker and competitor Grand Design Recreational Vehicle Co. for $500 million in a stock and cash deal.
Elsewhere, Nutanix are up 13.76% after after Friday’s IPO.
Finally, shares of Tesla are up 5% on Monday to $214 after closing at $204 on Friday. The automaker reported third-quarter deliveries of 24,4500 vehicles, a huge improvement over the first two quarters of 2016. Tesla is now on track to meet the low end of its 2016 deliveries guidance of 80-90,000 vehicles.
In the commodities space, West Texas Intermediate crude oil gained 0.52%, rallying to $48.49 per barrel, supported by a planned production cut by OPEC in November.
US Treasurys fell, pushing the benchmark 10-year yield up 2 basis points to 1.61%.
In economic data,
the US manufacturing sector rebounded from contraction in September, according to the Institute of Supply Management. The purchasing manager’s index (PMI) was 51.5, up from a contractionary reading of 49.4 in August.