S&P 500 Posts Fourth Straight Weekly Loss Amid U.S.-Iran Conflict
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 21 2026
0mins
Should l Buy OXY?
Source: CNBC
- Oversold Stock Analysis: The S&P 500 has posted its fourth consecutive weekly loss amid the ongoing U.S.-Iran conflict, pushing several stocks into oversold territory with a relative strength index (RSI) below 30, notably McCormick, which fell over 7% this week and has an RSI of 21.3, indicating weakened investor confidence.
- Potential Merger for McCormick: Despite McCormick's stock decline, it showed relative strength on Friday following news that Unilever is considering merging its food business with McCormick, with analysts noting the potential for significant EPS growth from the deal, though execution risks and Unilever's majority ownership could dampen initial investor enthusiasm.
- Energy Stocks Overbought: Conversely, energy companies dominate the overbought list, with APA reaching an RSI of 81.7 and rising approximately 14% for the week, suggesting that energy stocks may continue to gain alongside rising oil prices due to the U.S.-Iran conflict, although the overbought signal may prompt investors to consider trimming positions.
- Market Sentiment and Consumer Staples: The ongoing conflict has led to tightened consumer spending, resulting in oversold conditions for consumer staples like General Mills and Conagra Brands, reflecting a lack of confidence in these stocks that could impact future sales and earnings expectations.
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Analyst Views on OXY
Wall Street analysts forecast OXY stock price to fall
16 Analyst Rating
4 Buy
9 Hold
3 Sell
Hold
Current: 65.000
Low
38.00
Averages
47.27
High
64.00
Current: 65.000
Low
38.00
Averages
47.27
High
64.00
About OXY
Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company is an oil and gas producer in the United States, including a producer in the Permian and DJ basins, and the offshore Gulf of Mexico. Its segments include oil and gas, and midstream and marketing. The oil and gas segment explores for, develops, and produces oil (which includes condensate), natural gas liquids (NGL) and natural gas. The Company's midstream and marketing segment purchases, markets, gathers, processes, transports, and stores oil (which includes condensate), NGL, natural gas, carbon dioxide (CO2) and power. The midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities. This segment also includes low-carbon venture businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Chokepoint Overview: The Strait of Hormuz, only about 29 miles wide, previously handled 20% of global oil and LNG supplies, making it a prime target for Iranian attacks, which exacerbates market uncertainty.
- Bab el-Mandeb's Rising Importance: Connecting the Red Sea to the Gulf of Aden, Bab el-Mandeb saw 4.2 million barrels of oil flow through last year, and its significance has surged following the closure of the Strait of Hormuz, with Saudi Arabia ramping up oil volumes on the East-West Pipeline to 7 million barrels per day, 330% above pre-war levels.
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See More
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- Japanese Business Confidence: Business sentiment among large Japanese manufacturers rose from 15 to 17, surpassing economists' expectations of 16, indicating a growing optimism about the economic outlook and reaching the highest level since Q4 2021.
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