Why Opendoor Technologies Stock (OPEN) Is Skyrocketing Today

Shares of Opendoor Technologies (NASDAQ: OPEN) are flying higher on Friday, up 24.8% as of 1:15 p.m. ET. The jump comes as the S&P 500 gained 1.4% and the Nasdaq Composite gained 1.7%.Federal Reserve Chairman Jerome Powell gave a speech this morning that signaled interest rate cuts could be coming. The news sent stocks across the market higher, but the effect was especially large for many riskier stocks like Opendoor's.Speaking at the Fed's Jackson Hole symposium, Powell highlighted that the economic picture is mixed with a lot of moving parts complicating the Fed's decision. The Fed chief acknowledged that the economy is showing resilience, but downside risks are increasing. He appeared particularly concerned about tariffs potentially reigniting inflation. Still, he indicated cuts are coming, though he didn't explicitly say so.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool