Opendoor (OPEN) Surges 58% as Fed Rate Cut Raises Prospects for Residential Market

We recently published 10 Stocks Defy Chaos With Jaw-Dropping Gains. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the top performers of last week.

Opendoor Technologies jumped by 58.04 percent week-on-week to hit a new all-time high as investor optimism was bolstered by signals of rate cuts beginning next month—a key catalyst for the interest-sensitive residential market.

In Friday’s trading, Opendoor Technologies Inc. (NASDAQ:OPEN) climbed to its highest price of $5.08 before a slight selling pulled the company down to end the day just up by 39.17 percent at $5.01 apiece.

This followed signals from Federal Reserve Chairman Jerome Powell that the central bank could begin slashing interest rates beginning next month, sparking rosy prospects for the residential market on expectations of lower borrowing costs for prospective homebuyers.

In recent news, Opendoor Technologies Inc. (NASDAQ:OPEN) announced the immediate resignation of CEO Carrie Wheeler, who took over the role in 2022 but failed to reassure investors of the ongoing turnaround efforts. She was temporarily replaced by chief technology officer Shrisha Radhakrishna while a permanent CEO has yet to be named.

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