US Stock Market Sees Another Week of Volatility Amid Rising Bond Yields

The US stock market had another tough week, with the S&P 500 closing 0.1% lower and the Dow Jones Industrial Average declining 1.7%. This is its second consecutive weekly decline.

The market volatility was triggered by rising global bond yields, which hit their highest level in 19 years. The US Federal Reserve then hiked its benchmark rate by 25 basis points on Wednesday, although some investors looked past this shift to tighter monetary conditions.

Several stocks are now in oversold territory, meaning their relative strength index (RSI) is less than 30. This indicates that the move lower may have gone too far and the stock is due for a bounce.

Boeing's RSI reached 25, with its shares slipping more than 5% after CEO Kelly Ortberg warned about production issues with the 737 Max. Bank of America also fell into oversold territory, with an RSI of 28, and Wynn Resorts is the most oversold stock this week with a RSI of 17.

On the other hand, some energy stocks are in overbought territory, with Marathon Petroleum topping the list at an RSI of 87. The company's shares rose more than 7% this week to hit a record high of $428, driven by higher oil prices after Saudi Arabia closed its East-West pipeline due to a drone attack.