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Updated from 12:19 p.m.

U.S. stocks are trading lower Monday as oil prices gained. Investors are grappling with mixed auto sales and construction and manufacturing data. 

Crude oil prices in the U.S. Monday increased 1.2%, or 57 cents, closing at $48.81 a barrel as Iran's President Hassan Rouhani urged a decision to increase oil prices, Reuters reported. 

The S&P 500 was down 0.5%, the Dow Jones Industrial Average dropped 0.4%, and the Nasdaq declined 0.43%. The utilities sector is the leading laggard on Monday. The Dow Jones Utilities Average Index fell 1.23%. 

The ISM manufacturing index for September came in at 51.5, slightly higher than the consensus of 50.2. Construction spending in August declined 0.7% from July, missing expectations. On a year-over-year basis, spending on homebuilding has declined 0.3%. Private construction fell 0.3%, while public construction dropped 2% from July, according to the U.S. Department of Commerce.

Car sales were mixed with Toyota (TM) - Get Toyota Motor Corp. Report  reporting a sales increase in September of 1.5%. Ford's (F) - Get Ford Motor Company Report total U.S. sales declined 8% year over year to 204,447, while fleet sales declined 21%, in-line with company expectations. However, Ford said "September marked 2016's best month for F-Series' retail sales," with 67,809 vehicles. Ford's stock rose 0.17% while Toyota's shares were down 0.7%.

General Motors (GM) - Get General Motors Company Report said sales last month totaled 249,795, down 0.6% from a year earlier. General Motors' shares jumped 0.94%. Fiat Chrysler (FCAU) - Get Stellantis N.V. Report reported U.S. sales fell 0.9%; analysts were expecting a decline of 5.5%. Nissan beat estimates, reporting a 4.9% increase in its automobile sales. 

Investors are still reeling with the uncertainty about Deutsche Bank (DB) - Get Deutsche Bank AG Report as shares of Germany's largest bank fell 2% after The Wall Street Journal reported that the bank's talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases were moving forward with a smaller settlement than the original $14 billion. 

And investors are waiting on the jobs report for September that will be released on Friday.

"This is 'jobs week,' which is always a priority for U.S. traders," Stephen Guilfoyle, chief market economist at Stuart Frankel & Co., wrote in a note. "Numbers released Friday, and words spoken on Friday will move the marketplace, but will be far from the last numbers or words to do so in 2016."

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Tesla (TSLA) - Get Tesla Inc Report shares rose 4.54% after the electric carmaker said global deliveries of its cars more than doubled in the third quarter to 24,500 from a year earlier. It was Tesla's best sales quarter ever.

Twitter (TWTR) - Get Twitter, Inc. Report shares rose 4.38% Monday on a report that Alphabet (GOOGL) - Get Alphabet Inc. Class A Report has hired an adviser to help evaluate a bid to acquire Twitter.

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Gannett's (GCI) - Get Gannett Co., Inc. Report acquisition of Tronc, which publishes the Los Angeles Times, the Chicago Tribune and the Baltimore Sun, could be announced as early as Monday, according to a report in Politico Magazine.

Bass Pro Shops agreed to buy Cabela's (CAB) in a deal valued at $5.5 billion. Cabela's shares rose 14.9% in trading on Monday to $63.13. Bass Pro Shops offered to buy Cabela's for $65.50 a share.

Dutch banking group ING (ING) - Get ING Groep NV Report said it would slash 7,000 jobs in Belgium and the Netherlands as the company focuses on online services in the face of growing competition.

Janus Capital (JNS) , the fund management firm, reached a deal to merge with the U.K.'s Henderson Group (HNDGF) and form a company with assets under management of about $320 billion.

Shares of Winnebago Industries (WGO) - Get Winnebago Industries, Inc. Report jumped 22.9% after the company agreed to buy Grand Design Recreational Vehicles for $500 million in cash and stock.

Shares of Merrimack Pharmaceuticals (MACK) - Get Merrimack Pharmaceuticals, Inc. Report  fell 5.2% after President and CEO Robert Mulroy resigned and the company announced a restructuring, cutting 22% of its workforce and reducing costs by $200 million over the next two years.

London and Paris ended Monday in positive territory despite sharp falls in the British pound, which tumbled to its lowest level in three months after Britain's prime minister said she would trigger formal negotiations to leave the EU in March.

Japan's Nikkei 225 gained 0.9% after a disappointing economic survey from Japan fanned hopes of further rate cuts for the world's third-largest economy.