Investors Shift Gears: Tech Takes a Backseat

Investors are changing their strategies. They are moving away from tech stocks and looking at other areas like banks, factories, and healthcare. This shift is clear in the stock market.

Market Performance

• Nasdaq Composite: Dropped by 1.6%
• S&P 500: Fell by 0.6%
• Dow Jones Industrial Average: Rose by 1.1%

Overbought Stocks and RSI

A tool called the 14-day relative strength index (RSI) helps spot overbought stocks. Stocks with an RSI above 70 are considered overbought. This week, no stocks were oversold (RSI below 30).

Overbought Stocks

• M&T Bank: RSI of 81
• Performed well after Federal Reserve rate cuts
• Downgraded by Morgan Stanley
• J. B. Hunt Transport Services: Upgraded
• KKR & Co.: Upgraded

Market Sentiment

Investors are looking for value and moving away from tech. This shift shows a change in market sentiment. It's important to watch these trends as they can give clues about where the market is headed.