The U.S. equity markets ended a turbulent week with the S & P 500 sliding nearly 2% and the Nasdaq Composite falling 4.6%. The relative decline was driven largely by a sharp sell‑off in the technology sector, notably among semiconductor names. In contrast, the Dow Jones Industrial Average added 0.6%, marking a modest rebound for non‑tech stocks.
Amid the broader market swing, a number of shares have moved into oversold territory, potentially signalling a near‑term bounce. CNBC Pro’s 14‑day relative strength index (RSI) screener identified the following names as the most oversold:
- Intercontinental Exchange (RSI = 24.4)
- CME Group (RSI = 24.4)
- Albemarle (RSI < 24)
- Akamai Technologies (RSI < 24)
These trading‑platform operators and specialty chemicals firms have seen significant sell‑pressure, partly due to concerns that newer “perpetual futures” products—forever‑maturing contracts—may compete with traditional exchange offerings. CME’s recent lawsuit against the Commodity Futures Trading Commission over Bitcoin perpetual futures, coupled with a 10% decline this week, underscores the uncertainty surrounding the space.
Conversely, several defensive‑sector names have moved into overbought territory, reflecting a shift in investor sentiment toward safer assets. Cardinal Health tops the list, reaching an RSI of 84.4 as the company posted a 7% weekly gain and a 52‑week high of $240.44. Other overbought stocks include:
- Delta Air Lines (RSI ≈ 76)
- United Airlines (RSI ≈ 77.3)
- Southwest Airlines (RSI ≈ 79.1)
- Hormel Foods
- Williams‑Sonoma
Investor rotation to airlines was spurred by a 3.74% drop in West Texas Intermediate crude oil futures – the last time WTI closed below $70 was in late February. This volatility has further steered capital toward companies perceived as resilient in a shifting economic landscape.