These stocks are the most oversold after a turbulent week for the market

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These stocks are the most oversold after a turbulent week for the market

Several stocks experienced sharp declines this past week due to a volatile market and sell-offs in the tech sector, particularly in semiconductor companies. …

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. …

Original source: CNBC Top News

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