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Thursday, February 22, 2024
HomeFinance NewsReal-time stock market updates live today, summarised in under 13 words

Real-time stock market updates live today, summarised in under 13 words


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In a note to investors, Scott Wren, a senior global market strategist at Wells Fargo, advised caution when it comes to high yield bonds. While the sector may offer pockets of opportunity, Wren warned against overexposure due to the expectation of high interest rates and increasing recession risk. However, he pointed out that the top tier of high yield bonds, particularly those rated BB, historically have lower default rates than other bonds in the high yield space. Therefore, investors should be selective and focus on the highest quality issuers in this segment.

In other news, the stock market is facing losses as the trading week, month, and quarter come to an end. The Dow, S&P 500, and Nasdaq Composite are all showing negative performance for the week, month, and quarter. Despite these losses, the indexes are still in positive territory for the year, highlighting the strong rally observed in the first half of the year.

On a positive note, the energy sector has emerged as the top performer in the third quarter. Fueled by a significant increase in oil prices, the sector has seen a gain of 13.5%. Companies such as Marathon Petroleum, Halliburton, and Phillips 66 have experienced substantial growth during this period. However, not all energy names have performed well, with Kinder Morgan and EQT witnessing declines alongside a fall in natural gas prices.

In after-hours trading, some stocks made significant moves. Micron Technology dropped 4% after offering weaker-than-expected earnings guidance, while Peloton Interactive saw a 16% increase following the announcement of a five-year partnership with Lululemon to develop content. Luxury wine producer Duckhorn Portfolio experienced a 2.8% decline due to worse-than-anticipated full-year guidance. Overall, stock futures were trading slightly higher after 6 p.m. ET.

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