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Live stock market updates for today

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In a note to investors, Wells Fargo strategist Scott Wren warns that while high-yield bonds may seem attractive, caution should be exercised. Wren advises against overweighting or evenweighting high-yield bonds in portfolios, especially as the Federal Reserve maintains high interest rates and recession risks increase. However, there are opportunities for discerning investors within the highest quality or BB-rated issuers in the high-yield space. Wren highlights the growing concentration of double-B-rated companies in this sector, which historically have lower default rates than other high-yield bonds.

The end of the trading week, month, and quarter does not bode well for the three major indexes – the Dow, S&P 500, and Nasdaq Composite. As it stands, all three indexes have experienced losses in the week, month, and quarter. This decline highlights the potential challenges investors may face moving forward. Despite these losses, the indexes are still up for the year, demonstrating the strength of the market rally seen earlier in the year.

The energy sector emerges as the top performer of the third quarter, with a 13.5% increase driven by a significant rise in oil prices. West Texas Intermediate crude futures have surged 32% in the quarter, the best performance since Q1 2022. Companies like Marathon Petroleum, Halliburton, and Phillips 66 have exemplified the energy sector’s success, while natural gas players like Kinder Morgan and EQT have seen declines alongside a drop in the price of natural gas.

Micron Technology, Peloton Interactive, and Duckhorn Portfolio experienced substantial movements in extended trading. Micron Technology dropped 4% after offering weaker-than-expected earnings guidance, whereas Peloton Interactive saw a 16% pop following its announcement of a five-year partnership with Lululemon. On the other hand, luxury wine producer Duckhorn Portfolio suffered a 2.8% loss after disappointing full-year guidance. In after-hours trading, these stocks made the biggest moves.

At 6 p.m. ET, stock futures showed slight gains, with futures tied to the Dow, S&P 500, and Nasdaq 100 all up about 0.2%. This indicates a potentially positive start for the stock market in the upcoming trading session.

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