Opendoor Technologies Inc. (NASDAQ:OPEN) soared to a new all-time high on Friday, driven by optimism over potential rate cuts next month. The stock peaked at $5.08 before closing at $5.01, marking a 39.17% increase for the day.

Federal Reserve Chairman Jerome Powell’s signals of interest rate cuts next month boosted investor confidence in the residential market. Opendoor Technologies Inc. (NASDAQ:OPEN) also announced the immediate resignation of CEO Carrie Wheeler, with Shrisha Radhakrishna stepping in as interim CEO.

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Read more at Yahoo Finance: Opendoor Technologies (OPEN) Soars to New High as Fed Rate Cut Bolsters Prospects for Residential Market