economy
These stocks are the most oversold after a turbulent week for the market
Intercontinental Exchange and CME were among the most oversold stocks this week amid ongoing concerns over a regulatory spat concerning perpetual futures.
TL;DR
- The S&P 500 declined nearly 2% and the Nasdaq Composite fell 4.6% in a volatile week, with tech and semiconductor stocks contributing to the losses.
- Stocks with a 14-day relative strength index (RSI) below 30 are considered oversold and may see a bounce.
- Intercontinental Exchange and CME Group, both trading platform operators, were among the most oversold stocks with an RSI of 24.4.
- Investors are concerned about the risk posed by perpetual futures to traditional exchanges, leading to declines in these stocks.
- Cardinal Health was the most overbought stock with an RSI of 84.4, as investors moved towards defensive sectors.
- Airlines like Delta, United, and Southwest also showed overbought conditions as oil prices pulled back.