Stock Market Today, Nov. 10: Opendoor Shares Fall on CPI Data Despite Revenue Above $1 Billion
Opendoor Technologies (NASDAQ:OPEN) , a digital iBuyer platform for residential home transactions, closed at $1.31, down 7.09%. The stock fell as the U.S. Bureau of Labor Statistics' October Consumer Price Index (CPI) report showed a hotter-than-expected increase in consumer prices, raising the likelihood of further interest rate hikes that will affect home loans. This extended the pressure Opendoor shares already were under after earnings weakness as investors continue to watch housing demand signals. Trading volume reached 45.1 million shares, coming in about 26% above its three-month average of 35.8 million shares. Opendoor Technologies IPO'd in 2020 and has fallen 88% since going public. The S&P 500 (SNPINDEX:^GSPC) fell 0.38% to 7,521, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 0.74% to 25,066. In residential real estate technology, Offerpad Solutions (NASDAQ:OPAD) closed at $2.11, down 1.86%, and Zillow (NASDAQ:Z) ended at $28.98, down 5.51%, showing pressure across sector rivals. Continue reading