Here's the latest iteration of CNBC's overbought and oversold stock screener.
Investors on Wall Street are contending with the latest forward guidance from the Federal Reserve, which has helped underpin an overall losing week for major indexes. Fed Chair Jerome Powell signaled on Wednesday that one more interest rate hike is planned before the end of the year, followed by two cuts in 2024. Powell reiterated that the goal of bringing inflation back down to its 2% target still has "a long way to go.
screened FactSet data to examine what equities traders are betting on, or fleeing, as macroeconomic uncertainty continues. The relative strength index measures the strength and speed of stock price moves, and is a useful measure of whether stocks are either overbought or oversold. A 14-day RSI reading below 30 can indicate an buying opportunity, while a rating above 70 could point toward a pullback. Aerospace behemoth Boeing is exceptionally oversold with a 14-day RSI of 2.5.
downgraded Boeing shares to hold on Friday, citing a number of quality control issues it is facing that could hurt the company's delivery schedule. Elsewhere, discount retailer Dollar Tree also made the oversold list with a 14-day RSI of 10.7. Roughly 41% of analysts polled by FactSet rate Dollar Tree stock as a buy, with their average forecasts implying 46% upside. Dollar Tree stock is down 26% year to date.
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