Apple is among the most overbought stocks on Wall Street. Here are the others

  • 📰 CNBC
  • ⏱ Reading Time:
  • 47 sec. here
  • 15 min. at publisher
  • 📊 Quality Score:
  • News: 67%
  • Publisher: 72%

Investment Strategy News

Stock Markets,S&P 500 Index,Dow Jones Industrial Average

Amid the current market rally, 'Magnificent Seven' titans Apple and Tesla could be primed for a sell-off.

The overall S & P 500 is struggling in December and certain tickers look primed for a further pullback. The broad market index ended Friday down 0.6% for the week, providing a pause from the upward tear equities have been on since President-elect Donald Trump regained the White House last month. The Dow Jones Industrial Average slid 1.8% on the week. But the technology-heavy Nasdaq Composite gained 0.3% on the week.

Pro used its stock screener tool to find the most overbought and oversold stocks on Wall Street as determined by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, which indicates shares might soon sell off. Conversely, a reading below 30 often signals that a stock is oversold, signifying a possible rebound ahead.

's "Squawk on the Street" last week. In a report, Irwin had previously written that "Musk's authentic support for Trump likely doubled Tesla's pool of enthusiasts and lifted credibility for a demand inflection." Enterprise software firm ServiceNow scored an RSI of 73. KeyBanc seemed to agree with the notion that the stock was overbought. On Thursday, analyst Jackson Ader downgraded shares to a sector weight rating from overweight.

's Fred Imbert contributed to this report.Lisa Kailai Han

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Who got it right and wrong on Wall Street in their 2024 stock market outlookOriginal year-end forecasts for the S&P 500 ranged from 4,200 at JPMorgan Chase to 5,200 at Oppenheimer. All of them were wrong.
Source: CNBC - 🏆 12. / 72 Read more »

Disney Stock Rises Post-Earnings as Wall Street Reacts to Longer-Term GuidanceMultiple analysts raised stock price targets on the Hollywood studio conglomerate.
Source: THR - 🏆 411. / 53 Read more »

Stock market today: Asian stocks track Wall Street gain with Nvidia report and bitcoin surgeAsian stock rise following gains on Wall Street after market superstar Nvidia and other companies said they’re making even fatter profits than expected.
Source: wjxt4 - 🏆 246. / 63 Read more »