"Opendoor Technologies ( NASDAQ:OPEN ) stock rose more than 13% on Friday, closing at $7.97 per share. The gain came ahead of expected interest rate cuts this week and marked the company's first meaningful increase in a month. It ended a decline that began after shares reached $10.87 per share in mid-September. That earlier peak resulted from meme stock activity, with retail traders pushing the price higher on momentum rather than company results."
"Friday's advance was somewhat different, though. Trading volume exceeded 200 million shares, indicating participation from retail and institutional investors. Recent housing figures showed modest improvement, with pending sales edging higher. The main driver, though, appears tied to monetary policy. The Federal Open Market Committee meets this week and is expected to lower the federal funds rate by 25 basis points on Wednesday, setting a new range of 3.75% to 4%."
Opendoor stock rose more than 13% to $7.97 on Friday ahead of anticipated interest-rate cuts and modestly improved housing data, ending a month-long decline. The prior peak near $10.87 in mid-September was driven by meme-stock momentum rather than fundamentals, and most gains reversed as retail attention shifted to other names like Better Home & Finance. An announced national expansion of Opendoor's iBuying program failed to sustain prices above $8 amid doubts about scaling in a slower market. Friday's rally featured over 200 million shares traded, reflecting retail and institutional participation, and appears largely tied to expectations of Federal Reserve rate reductions.
Read at 24/7 Wall St.
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