Stock Market Today, Feb. 3: Rocket Companies Rallies on Signs of Mortgage Demand Recovery
Rocket Companies (NYSE:RKT), a digital mortgage and real estate platform, closed at $20.35, up 8.42% for Tuesday’s session. The stock moved higher after its CEO’s comments on higher mortgage loan production signaled a potential housing-market recovery.
The company’s trading volume reached 57.77 million shares, which is about 89% above its three-month average of 30.5 million shares. Rocket Companies IPO'd in 2020.
How the markets moved today
The S&P 500 (SNPINDEX: ^GSPC) fell 0.84% to 6,917, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) slid 1.43% to finish at 23,255. Within mortgage finance, industry peers PennyMac Financial Services (NYSE:PFSI) closed at $93.15 (up 0.09%) and UWM Holdings (NYSE:UWMC) ended at $5.08 (down 0.97%), reflecting a more mixed sector backdrop.
What this means for investors
Rocket Companies rallied after CEO Varun Krishna said the company is on track for its strongest mortgage loan production in four years. Investors took the comment as an early signal that demand may be improving as borrowing costs ease. The move follows nearly two years of contraction across housing and mortgage activity, a period that has left markets highly sensitive to any sign that refinancing and purchase volumes could begin to recover.
Rocket’s acquisition of Mr. Cooper has expanded its servicing footprint to nearly 10 million homeowners, increasing the company’s exposure to a potential rebound in origination activity. Investors will be watching whether higher loan production persists into the coming quarters and whether housing turnover stabilizes enough to support a more durable recovery in mortgage demand.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Companies. The Motley Fool has a disclosure policy.
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