Stocks rose across major indices, with the S & P 500 gaining 1.2%, the Dow Jones Industrial Average up 0.9%, and the Nasdaq Composite increasing by 0.6%. The rise was supported by stabilizing bond yields at 24-year highs and modest increases in oil prices, driven by disruptions from Hurricane Isaias and increased tanker attacks in the Strait of Hormuz.
Notably, energy stocks surged, with Valero Energy and Phillips 66 seeing their shares rise by 6.8% and 8.8%, respectively, both entering overbought territory with relative strength index (RSI) readings of 79 and 76. Marathon Petroleum's shares skyrocketed 35% over the week, resulting in an RSI of 82.
Piper Sandler raised its third-quarter earnings estimate for the company to $25.65, reflecting higher refining captures. Additionally, industrial software maker PTC's shares surged 35% following Schneider Electric's agreement to acquire the company for $205 per share, valuing it at approximately $22.6 billion.
Other stocks identified as overbought include Vylor and Everpure, suggesting that while the market is currently strong, investors should be cautious of potential corrections in these high-performing stocks