Opendoor shares fall 3.34% as September Fed hike odds reach 66%

  • Opendoor Technologies shares declined as traders assessed hawkish Federal Reserve signals and geopolitical tensions.
  • 66% of traders anticipated a September rate increase after Warsh's Jackson Hole speech.
  • OPEN remained near its 52-week low, with resistance at $3.52 and support at $3.21.

Opendoor Technologies shares declined 3.34% to $3.18 on Monday as traders assessed more hawkish signals from Federal Reserve Chairman Kevin Warsh and heightened geopolitical tensions. During his Jackson Hole keynote, Warsh reaffirmed the central bank's "firm, fixed target" of 2% Personal Consumption Expenditures (PCE) inflation and said broad financial conditions were not restrictive. CME FedWatch Tool data subsequently put the odds of a September rate increase at 66%, while BofA Securities economist Aditya Bhave described Warsh's remarks as firmly hawkish. Two-year Treasury yields rose nine basis points to 4.34%, with 30-year yields near 5.24%, and crude oil gained more than 3% to above $86 a barrel after military exchanges between the U.S. and Iran and increased shipping concerns around the Strait of Hormuz. OPEN remained below its 20-day, 50-day and 200-day simple moving averages (SMA), at $3.52, $4.05 and $5.17, respectively, and was down 35.24% over 12 months. The stock also remains under a bearish death cross, formed in March when the 50-day SMA fell below the 200-day SMA, while the 20-day SMA is below the 50-day SMA. With the shares near the 52-week low area, defined in the analysis as $3.21 versus a current price of $3.20, traders are watching whether support holds. Key resistance is $3.52 and key support is $3.21.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.