The market is coming off a particularly volatile week, and a slate of names that have experienced sharp declines could be poised for a rebound. The S & P 500 posted a nearly 2% decline on the week, while the Nasdaq Composite shed 4.6 % during the same period. A sharp sell-off in the tech sector, particularly in semiconductor names, contributed to the indexes’ losses. The Dow Jones Industrial Average closed out the week in the green, up 0.6%. Some stocks suffered keenly during the week, falling into oversold territory. CNBC Pro used its stock screener tool to pinpoint those names based on their 14-day relative strength index, or RSI. Stocks are deemed oversold when they have an RSI below 30, meaning they may see a bounce in the near term. Meanwhile, names that have a reading above 70 are overbought, and that means they could be susceptible to a pullback. The table below shows this week’s oversold names. Two major exchanges — Intercontinental Exchange and CME Group — made the list of most oversold stocks. Both stocks have an RSI of 24.4. Investors sold shares of the trading platform operators as they mulled over the risks posed to traditional exchanges by perpetual futures. Perpetual futures are similar to futures contracts but have no expiration date. They are part of a new wave of trading products that could compete with Intercontinental Exchange and CME’s offerings. Just over a week ago, the CME sued the Commodity Futures Trading Commission over the federal agency’s late-May move to allow prediction market platform Kalshi to offer bitcoin perpetual futures. CME dropped 10% this week, while Intercontinental Exchange slid more than 7%. The declines added to the stocks’ double-digit losses for June. Other oversold names this week include Albemarle and Akamai Technologies , both of which have RSI readings of below 24. Despite all the selling during the week, investors snapped up several stocks, pushing some names into overbought territory. Here are this week’s overbought names: Cardinal Health , a distributor of medical products, was this week’s most overbought stock with a RSI of 84.4. Shares surged more than 7% on the week as investors dropped tech stocks and flocked to more defensive sectors in the market. Cardinal hit a new 52-week high of $240.44 on Friday, closing the session up more than 1%. Investors also flocked to airlines as oil prices pulled back. On Friday, West Texas Intermediate crude oil futures for August delivery fell 3.74% to end at $69.23 a barrel. The last time WTI futures closed beneath the $70 level was on Feb. 27, which is the day before the Iran war began. Delta Air Lines had an RSI of nearly 76, while United and Southwest had respective readings of 77.3 and 79.1 — suggesting all three are overbought. Other names on the overbought list include Hormel Foods and Williams-Sonoma .
These stocks are the most oversold after a turbulent week for the market
