Some stocks could be in for a pullback as Wall Street wraps up a strong first half. The first half on Wall Street concludes after Friday’s close . All three major indexes are on track to end the first half with gains, as investors have continued to ride the artificial intelligence boom despite worry over a lack of market breadth and an economic slowdown. The benchmark S & P 500 has gained roughly 15% in 2024, while the Dow Jones Industrial Average is up 5%. The Nasdaq Composite outperformed with a 20% gain. Market gains have largely been led by the rise of Nvidia and a still prominent AI theme that pushed the de facto market leader to a $3 trillion market valuation. Nvidia also briefly toppled Microsoft’s market cap earlier in June. For its part, shares of Microsoft have surged nearly 21% in 2024 and has similarly benefited from its own AI tailwind and the rollout of Copilot . But shares of the world’s most valuable company may be showing signs of exhaustion and could be poised for a pullback, as the stock is once again among Wall Street’s most overbought stocks. CNBC Pro screened the S & P 500 for overbought names, based on their 14-day relative strength index. An RSI above 70 indicates overbought conditions for a stock, which could signal a downturn in the near term. A reading below 30 typically signals that a stock is oversold and could be due for gains. Shares of Microsoft registered a 14-day RSI reading of 74. The company made headlines in recent days after the European Union accused the tech behemoth of breaching antitrust regulations when it bundled Teams and Microsoft 365. The tech giant is up more than 9% this month and 20% in 2024. MSFT YTD mountain MSFT YTD Shares of Eli Lilly are also overbought, with a 14-day RSI of 83, putting the drug manufacturer at the top of the list. The stock has climbed nearly 57% in 2024. A large portion of Eli Lilly’s rise in the first half of 2024 is thanks to the prominence of GLP-1 drugs , which emerged as a trend of its own for investors to pile into outside of the AI boom over the past year. The prominence of its Alzheimer’s and diabetes drugs have helped the company become the most valuable healthcare company globally. FedEx is also overbought, with a 14-day RSI of 77. Shares have added about 19% in 2024. The company recently surpassed Wall Street’s estimates in the fourth-quarter on the top and bottom line, thanks to cost cutting efforts that are helping keep capital expenditures low. To be sure, some stocks have entered oversold territory — which means the could be due for a rebound. Among the oversold names, Walgreens Boots Alliance , Waters Corporation and Pool Corp top the list with 14-day RSI readings of 20 and 22. Walgreens has faced pressure this week, after the company’s fiscal third-quarter earnings missed Wall Street estimates. Walgreens executives noted a “challenging” macroeconomic environment apparent in its pharmacies and among consumers more generally that pushed the firm to trim down its full-year profit forecast. Analysts are tepid on the stock, with 62% of those polled by FactSet rating it a hold. To be sure, the average price target implies more than 43% upside ahead. Shares have pulled back more than 52% in 2024.