Why Opendoor Technologies Stock (OPEN) Is Skyrocketing Today
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Opendoor Technologies' stock surged 24.8% following Federal Reserve Chairman Jerome Powell's speech hinting at potential interest rate cuts. This news positively impacted riskier stocks, including Opendoor, as lower rates could enhance its profitability. However, concerns remain about the company's competitive position and reliance on debt, with the real estate market facing challenges. Despite the rally, caution is advised regarding the stock's long-term viability.
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