economy
A slew of consumer stocks are now oversold as S&P 500 falls for a fourth week in a row
General Mills, McCormick & Company and Conagra Brands top of the list of most oversold stocks in the S&P 500.
TL;DR
- The S&P 500 has recorded its fourth consecutive losing week.
- Oversold stocks have a 14-day relative strength index below 30, while overbought stocks have an RSI above 70.
- McCormick, General Mills, and Conagra Brands are among the most oversold consumer staples stocks.
- Genuine Parts was the most oversold stock with an RSI of 13.6.
- Energy companies like APA and Occidental Petroleum were among the most overbought stocks.
- APA had the highest RSI at 81.7, rising approximately 14% for the week.
- Rising oil prices due to the U.S.-Iran conflict are driving gains in energy stocks, but overbought signals may suggest reducing positions.