How concentrated have returns been this year?

On this week’s episode of The Morning Filter, Dave Sekera and Susan Dziubinski discuss what impact the government shutdown may have on the Federal Reserve’s October meeting. Dave explains why he’s watching the earnings reports from Pepsi PEP and Delta Air Lines DAL this week and reveals whether Carnival CCL or Nike NKE are stocks to buy after earnings.

They cover whether the U.S. stock market looks overvalued at the start of the fourth quarter, if investors should underweight red-hot growth stocks, and which sectors look most attractive today. Morningstar chief Europe market strategist Michael Field joins the podcast, focusing on investment opportunities in Europe. The episode wraps up with 4 new stocks to buy and hold in the fourth quarter that haven’t been picks before.

Episode Highlights 

The Economy, Earnings, Stocks in the News 

Q4 2025 U.S. Stock Market Outlook 

Investing in Europe Stocks Today

Stocks to Buy and Hold for Q4
 

Read about topics from this episode. 

Register for Dave’s Q4 2025 Market Outlook Webcast: Morningstar's Q4 2025 US Market Outlook - No Margin for Error: Stocks Fully Valued

Got a question for Dave? Send it to themorningfilter@morningstar.com.

Follow us on social media.

Dave Sekera on X: @MstarMarkets

Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera

Facebook: https://www.facebook.com/MorningstarInc/

X: https://x.com/MorningstarInc

Instagram: https://www.instagram.com/morningstar... 

LinkedIn: https://www.linkedin.com/company/5161/

Viewers who’d like more information about any of the stocks Dave talked about today can visit Morningstar.com for more details. Read more from Susan Dziubinski and Dave Sekera.

Subscribe to The Morning Filter to get notified when we post. We’ll see you next Monday!

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.