Why Have SoFi and Opendoor Soared This Week?
Although it has been somewhat of a turbulent week due to inflation data and the Federal Reserve's interest rate decision, the stock market is significantly higher than where it was at the end of last week. All three major benchmark indices were significantly higher nearly four full days into the trading week. However, two stocks with especially strong momentum have been fintech disruptor SoFi Technologies (NASDAQ: SOFI) and real estate iBuyer Opendoor Technologies (NASDAQ: OPEN).
Even after a bit of a pullback, SoFi was higher by 15% from Friday's close as of Thursday midafternoon. Opendoor was performing even better, with a 24% gain this week, according to data provided by S&P Global Market Intelligence. Both have significantly outperformed the S&P 500, which was up by roughly 3% on the week, and have been standout performers in the recent market rally.
There isn't much in the way of company-specific news driving these two stocks higher. But they both have certainly had quite a bit of momentum over the past few weeks due to some potential catalysts that could result in significant upside potential.
Source Fool.com
