Nvidia and other megacaps could be due for a near-term pullback

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Nvidia and other megacaps could be due for a near-term pullback

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and Apple are all “extremely overbought,” reflected in share prices that are more than two standard deviations above their 50-day moving average. Broadcom leads the overbought list after jumping 36% in June alone, leaving the stock roughly 34% above its 50-day moving average. The semiconductor maker closed Tuesday with a market capitalization of more than $846 billion, the eighth most in the S & P 500, just ahead of Eli Lilly. Last Thursday, Broadcom surged 12% after its fiscal second quarter results beat analysts’ estimates and it declared a 10-for-1 stock split . Eli Lilly is also now extremely overbought, Bespoke said, after benefiting from increased demand for its weight loss and diabetes drugs. Lilly is trading about 12.5% above its 50-day moving average, closing Tuesday with a the ninth largest market value in the S & P 500, at more than $842 billion. Late last month, Lilly said it would invest another $5.3 billion in an Indiana manufacturing plant to boost the supply of its Mounjaro and Zepbound. Other stocks considered extremely overbought are Nvidia, Apple and

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, which have traded more than 33%, 17% and 7%, respectively, above their 50-day moving averages. All three comprise the three largest companies in the S & P by market cap. Nvidia spiked around 3.5% during Tuesday’s trading session to surpass

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as the most valuable public company . The company previously topped Apple in value earlier this month.

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Investment strategy,Stock markets,S&P 500 Index,NASDAQ Composite,Tesla Inc,NVIDIA Corp,Broadcom Inc,Eli Lilly and Co,

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,business news
#Nvidia #megacaps #due #nearterm #pullback

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