Jul. 7 at 9:17 PM
$XLF $BAC
Bank of America, US Bancorp and BNY Mellon are among the bank stocks hitting at least 52-week highs, while Chubb, Travelers, Aflac, MetLife and Allstate are doing the same in insurance.
The rally may be getting overstretched however: XLF’s relative strength index has climbed to 77, well into overbought territory and its highest level since July 2024. RSI is one tool traders use to gauge the speed and momentum of an asset’s recent price action.
Wells Fargo analyst Mike Mayo told CNBC on Monday that the rally has room to run, citing record capital markets activity, accelerating commercial loan growth, strong credit quality and deregulation. “This is one of the best environments I’ve seen in three decades,” he said. https://www.cnbc.com/2026/07/06/stock-market-today-live-updates.html?__source=iosappshare%7Ccom.stocktwits.StockTwits.STShareExtension