Opendoor Technologies Inc. (OPEN) saw its stock price decline by 3.92% to close at $1.47 on January 10, 2025, amid a broader market selloff triggered by stronger-than-expected U.S. jobs data. The stock opened at $1.49, reached a high of $1.50, and dipped to a low of $1.42, with trading volume surging to 51,481,067 shares, significantly above its average. The U.S. jobs report revealed an addition of 256,000 jobs in December, surpassing forecasts and leading to a spike in Treasury yields. This development has raised concerns about the Federal Reserve's potential slowdown in rate cuts, impacting growth stocks like Opendoor, which are sensitive to interest rate changes.
The negative sentiment was compounded by Opendoor's ongoing challenges, including a 27% stock decline over the past month and a 56% drop over the past year. Despite being recognized for its market presence in Texas and Florida, the company faces a volatile real estate market with increased home inventory and falling median sales prices. The broader market downturn, with major indices like the Dow Jones, S&P 500, and Nasdaq all posting significant losses, further pressured Opendoor's stock.