A number of stocks jumped in the afternoon session after comments from a key Federal Reserve official bolstered hopes for an interest rate cut. New York Federal Reserve President John Williams stated he sees “room for a further adjustment” in the near term, sparking a significant market rally. Following his remarks, the probability of the central bank cutting rates at its December meeting jumped from 39% to over 73%, according to the CME FedWatch tool. This positive sentiment provided relief to markets amid concerns over high valuations, particularly in AI-related stocks.
Most consumer discretionary businesses succeed or fail based on the broader economy. Lately, it seems like demand trends have worked in their favor as the industry has returned 10.9% over the past six months,
similar to the S&P 500.
Shares of technology real estate company Opendoor (NASDAQ:OPEN)
fell 12% in the afternoon session after a consensus 'Sell' rating among analysts and a significant insider share sale came to light.
Hedge fund manager Eric Jackson has made an aggressive projection for mortgage finance company, Better Home & Finance Holding Co. (NASDAQ: BETR), predicting a multi-thousand-percent move based on its underlying economics and market opportunity.
