Why Opendoor Technologies Stock Was Popping Today
Shares of Opendoor Technologies (NASDAQ: OPEN) were jumping today after the home-flipping expert got a boost from a Consumer Price Index (CPI) report that showed inflation continues to cool off. That's a boon to Opendoor because it makes it more likely that the Federal Reserve will pause its interest rate hikes at its meeting tomorrow, in line with its earlier forecasts.
As of 11:04 a.m. ET, the stock was up 13.7%.
There was no company-specific news out on Opendoor today, but the business, which buys homes with the intent of selling them for a profit, is essentially a barometer for investor sentiment around the housing market, interest rates, and even the overall economy.
Source Fool.com
