Newmont tops the list of most overbought stocks on Wall Street after gold rally
Wall Street’s most overbought stocks this week include one precious metals company and a handful of names involved in the artificial intelligence infrastructure buildout. U.S. equities were on a wild ride this week as developments continued on the geopolitical front. Although stocks rallied Wednesday and Thursday after President Donald Trump backed off his threat to impose fresh tariffs on a slew of European countries, the S & P 500 closed the week in the red. Despite the index-level weakness, some individual stocks may be running too hot. CNBC Pro used its stock screener tool to identify the most overbought stocks on the Street after this week as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are generally considered overbought, indicating that a pullback could be on the horizon. A reading below 30 indicates that a stock is oversold and could get a near-term bounce, meanwhile. The following table shows several overbought stocks from the week: Gold mining giant Newmont topped the list with a 14-day RSI of 82.3. Shares rose more than 8% this week as gold prices surged amid geopolitical unrest and expectations of another U.S. interest rate cut. Spot gold touched a record high on Friday, nearing $5,000 per ounce. Memory products makers Sandisk and Micron also made the overbought group after rallying 16.6% and 10.7%, respectively, on the week. Sandisk’s blowout performance comes after the research team at S3 Partners on Thursday warned of a mounting risk of a short squeeze in the stock. Shares have already doubled this year — and are up more than 1,200% over the past year — as demand for AI memory products has significantly outpaced supply. The stock has an RSI of 78.4, but remains a favored play in the market given the consensus buy rating from analysts covered by LSEG. Another popular AI play, chipmaker Advanced Micro Devices , is now considered overbought with an RSI of 76.9 after the stock’s nine-day win streak. Shares of AMD have jumped more than 11.5% this week. Only three names can be considered technically oversold. The downbeat sentiment on Netflix this week comes after the company on Tuesday reported fourth-quarter earnings that narrowly beat analysts’ estimates. Despite Friday’s boost, Netflix shares are down 2.8% on the week. The media giant has an RSI of about 26, which signals a potential rebound ahead.
<
