This week’s most overbought stocks in the S&P 500 include several tech companies

Investors are favoring certain stocks over others as the market weighs the likelihood of an additional rate hike by the Federal Reserve later this year. Wall Street is coming off a losing week, with the Nasdaq Composite Index closing 1.9% lower, the S & P 500 falling 1.3% and the Dow Jones Industrials shedding 0.8%. Following those moves, CNBC Pro used FactSet data to screen for the most overbought and oversold names in the S & P 500, based on their 14-day relative strength index, or RSI. The relative strength index, which measures the magnitude and speed of price moves, is a popular metric used to evaluate whether shares are overbought or oversold. A stock with a 14-day RSI below 30 is considered oversold, suggesting that it could be a promising entry point for investors, while those with a 14-day RSI above 70 are considered overbought, signaling a possible selling opportunity. Technology was the most overbought sector this past week. Many technology stocks struggled in recent sessions, but found their footing on Friday. The most oversold stocks were primarily in healthcare, consumer and industrial sectors. Here are some of the most overbought names in the broad index: Intuit , the maker of TurboTax and Credit Karma software, is the most overbought stock in the S & P 500 with a 14-day RSI above 95. More than two-thirds of analysts covering the financial software company rate it a buy, although the average price target implies less than 1% upside. Intuit shares have gained almost 42% so far this year, boosted by strong earnings in its fiscal fourth quarter and excitement surrounding Intuit’s investments in artificial intelligence and generative AI software. On Wednesday, the company added generative AI-powered Intuit Assist to its product lineup. IBM is also overbought, with an RSI of 85 even though only about 28% of analysts covering the stock rate it a buy. Their average price target suggests 1.3% downside, according to FactSet. Shares have added almost 5% in 2023. Accenture is also overbought, with nearly 56% of analysts rating the professional services stock a buy. It has an RSI of more than 83. The company’s average price target suggests shares could gain 3.3%.The stock is a “stealthy way to think about AI,” Piper Sandler’s chief market technician recently told CNBC. Accenture said in mid-June that it plans to invest $3 billion over the next three years in its data and AI practice. Other overbought names include oilfield services company Baker Hughes (RSI of 85), architecture and manufacturing software provider Autodesk (84) and data services provider Verisk Analytics (84). By contrast, here are the most oversold stocks in the S & P 500: Alaska Air Group has the highest projected upside on the list (+60%), continuing last week’s trend . The Seattle-based airline company has a 14-day RSI below 17, with 80% of analysts rating the stock a buy. Walgreens Boots Alliance is another of the most oversold companies in the S & P 500. The drug store chain operator has an RSI below 9, and fewer than 6% of analysts covering the stocks rate it a buy. Nonetheless, , Walgreens has more than 40% upside based on analysts’ average price target, according to FactSet. The company, which has plunged nearly 41% this year, has struggled after demand dried up for Covid tests and vaccines. Moreover, Walgreens’ former CEO abruptly left earlier this month after 2.5 years on the job. Viatris was the most oversold company in the S & P 500 with a 14-day RSI less than 7. Formed by a 2020 merger of Mylan and Pfizer’s Upjohn business, Viatris has a consensus price target implying more than 23% upside, although only about 9% of Wall Street analysts covering the stock rate it a buy. Discount retailers Dollar Tree and Dollar General as well as chemical manufacturer FMC are also among the most oversold companies in the S & P 500.