The stock market clawed back from a global rout to finish higher Friday, but there still may be an opportunity for some names to rebound. Stocks had a rough start to the week. Disappointing payrolls data coupled with an unraveling of the yen "carry trade," not to mention concerns that the Federal Reserve has waited too long to cut interest rates, sent the major indexes reeling.
But following optimistic weekly jobless claims data on Thursday, the indexes headed higher and the S & P 500 notched its best day since 2022. The broad market S & P 500 gained 0.47% in Friday's session, finishing the week down by just 0.
04%. The Nasdaq Composite closed 0.51% higher, while the Dow Jones Industrial Average advanced 0.
13% Friday. With this in mind, CNBC Pro screened for the most overbought and oversold stocks on the Street, as measured by their 14-day relative strength index, or RSI. Stocks are considered overbought with a 14-day RSI above 70, meaning they may be at a risk of a pullback.
Alternatively, stocks are viewed as oversold with an RSI below 30, which suggests a possible buying opportunity. Disney may be due for a bounce higher with an RSI of 27.7.
Shares of the company were down nearly 4% this week despite the entertainment giant topping Wall Street's fiscal third-quarter estimates . In 2024, the stock, which has a consensus rating of buy, is even lower, dropping around 4.5%.
The company reported that its theme parks business in the U.S. was hit by a pullback in consumer demand.
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