The Dow Jones Industrial Average is up 5% for the week. The S & P 500 and tech-heavy Nasdaq Composite are 5.6% and 5.8% higher, respectively, and are on pace for their highest weekly gains since November 2022. Several consumer names, including McDonald' s and Kraft Heinz , jumped on the back of their quarterly earnings reports this week. Other big names such as Airbnb , PayPal , and pharmaceutical giants Pfizer and Amgen also reported their earnings and saw their stocks rise.
Pro screened FactSet to find the most overbought and oversold names in the S & P 500 based on their 14-day relative strength index, or RSI. A stock with a 14-day RSI greater than 70 is considered to be overbought and at risk of a pullback. A high RSI typically indicates near-term investor sentiment on a stock is becoming too optimistic.
's " Squawk on the Street " on Monday that McDonald's is in "a great spot competitively to continue to gain share" in both U.S. and important overseas markets, such as Europe. The stock has added just 1.9% year to date. MCD YTD mountain McDonald's stock Beverage company Coca-Cola was another one of the several consumer names on this week's overbought list. Coca-Cola has an RSI of 79.66 on the list.
mountain SolarEdge shares Revvity, Henry Schein, Align Technologies and Fortive are some of the other oversold names from this week.