Rocket Companies Inc. (NYSE:RKT) surged 7.85% on Friday, closing at $17.44 per share, following renewed hopes of an interest rate cut. Federal Reserve Bank of New York President John Williams mentioned the potential for further adjustments to the federal funds rate target range. This came after Federal Reserve Chairman Jerome Powell’s earlier comments about a December rate cut. The real estate sector, including Rocket Companies, reacted positively to the news, as interest rates impact home affordability, borrowing costs, and development. Rocket Companies also reported improved third-quarter earnings, with a 74% decrease in net loss and a 148% increase in revenue year-on-year.

Read more at Yahoo Finance: Rocket Companies (RKT) Jumps 7.8% on Renewed Rate Cut Hopes