1. Victoria has recorded its lowest number of COVID-19 cases in three months, giving businesses more hope as cases drop to 11.

2. IAG has appointed a new chief executive. Nick Hawkins will take up the role of managing director of the ASX-listed insurance company on November 2.

3. Fidelity Investments has agreed to cornerstone a $28m capital raising for Recce Pharmaceuticals that will take place as early as today. The capital raised would be used to support more of Recce's clinical trials and drug development.

4. Oracle and Walmart are working with Chinese company ByteDance to complete a US$60bn deal in the acquisition of popular app TikTok, which President Trump was pursuing to ban due to strained relationships with China. Trump has agreed for Oracle to purchase 12.5% of TikTok Global and host all US data, while Walmart will acquire 7.5%. 

5. The Dow closed 0.88% lower at 27,657.42. The S&P 500 fell 1.12% to 3,319.47 and the Nasdaq fell 1.07% to 10,793.28.