Why Upstart, Redfin, and Truist Stocks Are All Surging Higher Today
Redfin (NASDAQ: RDFN), Upstart Holdings (NASDAQ: UPST), and Truist Financial (NYSE: TFC) are all in different businesses, but all three have come under pressure over the past year due to rising rates.
Wall Street received an indication that inflation is cooling and rates might not have to go higher, and it is providing a boost to all three stocks. Shares of Redfin are up 17% as of 11:30 Eastern Tuesday, while Upstart shares are up 14% and Truist is up nearly 7%.
The Federal Reserve hikes interest rates in an attempt to cool the economy, and all three of these companies have felt the impact. Shares of Truist are about 37% below their highs for the year, and Redfin and Upstart are both more than 60% below where they were just months ago.
Source Fool.com
