Opendoor Technologies, Inc. OPEN shares soared Friday as investors celebrated Federal Reserve Chair Jerome Powell's dovish remarks from Jackson Hole.
Powell took a surprisingly dovish tone in his Jackson Hole address, emphasizing that risks to the U.S. job market are increasing.
He suggested that if the economy slows further, the central bank could consider cutting interest rates.
Stocks rallied after Powell's unexpectedly dovish remarks, and Opendoor was among the companies that rode the wave higher.
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Opendoor's vocal supporter Anthony Pompliano took to X to celebrate Powell's remarks and what interest rate cuts could mean for the company.
"Interest rate cuts are big for OPEN. Powell can unfreeze the housing market," Pompliano wrote.
Opendoor promoter Eric Jackson had his own take on potential rate cuts with an interesting twist–he was standing in front of music star Drake's house "until he buys at least ONE share of OPEN."
Jackson posted a video from outside Drake's house on X and wrote:
"Day 3 outside Drake 's house. Jerome Powell just signaled he's cutting rates & OPEN ripped +30% today. Housing cycle turning, cult stock rising. Let's ride. 🚀📈."
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Lower interest rates could benefit Opendoor in several ways.
Opendoor shares rallied 20% to $4.32 on heavy trading volume at the time of publication Friday. Opendoor stock has gained more than 200% over the past six months, according to data from Benzinga Pro.
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