Live Updates: Stock Market Today Keeps You Informed (13 words)


In a note to investors, Wells Fargo’s senior global market strategist, Scott Wren, advised caution when it comes to high yield bonds. Wren suggested that investors should avoid overexposure to high-yield bonds, especially as the Federal Reserve is expected to maintain high interest rates and recession risks rise. However, Wren also pointed out that there are opportunities in the top tier of the high-yield space, particularly among double-B-rated companies, which historically have lower default rates than other high-yield bonds.

The three major stock indexes – the Dow, S&P 500, and Nasdaq Composite – are heading for a losing week, month, and quarter. As of now, all three are in negative territory for the week, month, and quarter. Despite these losses, the indexes are still up for the year, indicating the strength of the rally seen earlier in the year.

The energy sector has emerged as the top performer in the third quarter. Energy stocks have been propelled by a significant rise in oil prices, with West Texas Intermediate crude futures posting their best performance since the first quarter of 2022. Marathon Petroleum, Halliburton, and Phillips 66 are among the leaders in the energy sector, while natural gas players Kinder Morgan and EQT have experienced declines alongside a fall in natural gas prices.

In after-hours trading, some stocks experienced significant movements. Micron Technology dropped 4% after offering weaker-than-expected earnings guidance, while Peloton Interactive surged 16% following the announcement of a five-year partnership with Lululemon. Duckhorn Portfolio, a luxury wine producer, saw a 2.8% decline after disappointing full-year guidance. Stock futures traded slightly higher, with futures for the Dow, S&P 500, and Nasdaq 100 all up around 0.2%.

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