The relationship between external feedback and cognitive and neurophysiological performance has been extensively investigated in social neuroscience. However, few studies have considered the role of positive and negative external social feedback on electroencephalographic (EEG) and moderate stress response. Twenty‐six healthy adults underwent a moderately stressful job interview consisting of a modified version of the Trier Social Stress Test. After each preparation, feedback was provided by an external committee, ranging from positive to negative with increasing impact on subjects. Stress response was measured by analysing response times (RTs) during the speech phase, while cognitive performance was assessed using a Stroop‐like task before and after the test. Results indicate that RTs used to deliver the final speeches with negative feedback were significantly lower compared with those used for the initial speech with positive feedback. Moreover, a generalized improvement in Stroop‐like task performance was observed in the post‐SST compared with the pre‐SST. Consistent with behavioural results, EEG data indicated greater delta, theta, and alpha band responses in right prefrontal and left central areas, and for delta and theta bands, also in parietal areas in response to positive feedback compared with aversive‐neutral feedback, highlighting greater cognitive effort required by the former. Conversely, an increase in these bands in right and left temporal and left occipital areas was observed following negative and aversive feedback, indicative of an adaptive response to stress and emotion‐regulatory processes. These findings suggest that negative social feedback in moderately stressful and noncritical conditions could contribute to improving individual cognitive performance.