Shares of Opendoor Technologies (OPEN 16.91%) were moving higher for the second day in a row today as last Friday's underwhelming jobs report seems to have reawakened interest in the meme stock, especially with its second-quarter earnings report on tap for tomorrow afternoon.

As of 12:49 p.m. ET, the stock was up 15.7%.

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Opendoor surges again

There was no major news out today directly affecting Opendoor, but the combination of last Friday's jobs report, which boosted expectations that the Fed would cut interest rates at its next meeting, and strong call-buying activity ahead of tomorrow's earnings report was enough to fuel the stock's gains again.

Opendoor stock had soared in July on meme-driven trading that seemed to be based on the argument that the stock could be the next Carvana, which jumped more than 100-fold since late 2022 after avoiding bankruptcy.

The bull case for Opendoor certainly gets stronger if mortgage rates fall, as the company has struggled with the sluggish housing market. It's unclear if its business model, which relies on flipping houses and collecting service fees, can be consistently profitable as competitors like Zillow and Redfin have bowed out of the iBuying race. While that arguably creates a path for Opendoor, it also shows that other seasoned real estate companies have assessed the iBuying business and decided it wasn't worth it as a business.

What's next for Opendoor

The stock is likely to remain volatile through the week as investors anticipate and then digest Tuesday afternoon's earnings report.

Analysts are expecting flat revenue at $1.5 billion and for the company's adjusted loss per share to narrow from $0.04 to $0.02. Investors will want to pay attention to any commentary from management around lower mortgage rates, as that narrative could determine the stock's direction over the next several weeks.