Traders on Wall Street are back to worrying that the Federal Reserve has significantly more ground to cover to tame inflation. However, some buying opportunities may be emerging. The June nonfarm payrolls report showed 209,000 jobs were added in June , less than expected. But, wages grew by 4.4% year over year, slightly more than forecast, raising concern over higher rates for longer. Fears over tighter monetary policy for longer than anticipated pressured the broader market this week. The S & P 500 lost 1.2%. That said, the selling in some individual stocks may be overdone. CNBC screened the for the most oversold stocks on Wall Street based on their 14-day relative strength index. An RSI of less than 30 signals that a stock is oversold, meaning there may be a buying opportunity. A reading above 70, however, means a stock is overbought — meaning investors should consider reducing their exposure. Here’s a look at the most oversold names in the S & P 500. Chipmaker Micron and pharmaceutical giant Pfizer were among the most oversold stocks on Wall Street with RSI readings of 21.72 and 20.16, respectively. Pfizer shares have struggled in 2023, losing more than 30%. Analysts are generally downbeat on the stock, with just 35% of those covering them saying buy. That said, the average price implies upside of more than 30% over the next year. PFE YTD mountain Pfizer stock has slumped more than 30% in 2023. Micron meanwhile, has had a stronger year with a 23% gain from January, as the broader chip sector’s exposure to artificial intelligence helps lift associated stocks. About 53% of analysts polled by FactSet that cover Micron rate the stock as a buy, with their average price targets implying 25% upside. MU YTD mountain Micron stock has added nearly 23% so far in 2023. Some stocks, however, are deep in overbought territory. Here’s the list of the S & P 500 stocks with the highest RSI levels. Airline giant Delta is one of the more notable names on the overbought list, with a 14-day RSI of 77.69. Analysts are still exceedingly bullish on the stock, though. Nearly 86% of analysts polled by FactSet maintain a buy rating on Delta stock, and their average price targets forecasts about 21% upside from current trading levels. DAL YTD mountain Delta Airlines stock has soared more than 46% in 2023. However, the top spot for most overbought stocks currently belongs to AmerisourceBergen , with a 14-day RSI reading of 88.42. The stock has climbed nearly 16% since January. About 59% of analysts polled by FactSet rate the stock as a buy, with their average price targets predicting a mere 0.2% upside for shares of AmerisourceBergen. ABC YTD mountain AmerisourceBergen is the most overbought stock on Wall Street. Shares have added more than 15% for the year.
