RKT Stock price: Rocket Companies Inc. expected to remain volatile

RKT debuted with a huge advantage but in an uncertain scenario.
Preliminary quarterly results released last week point to a bullish continuation.
RKT up after the opening, struggling to extend gains.

FXStreet Team FXStreet

Rocket Companies Inc. [NYSE:RKT] is grabbing some attention these days after debuting this month, initially rallying post-IPO, then returning to near its IPO price. Opposed to other big names, Rocket was actually profitable and generating returns, making of it a more interesting investment.

RKT stock news

The company reported preliminary second-quarter results last Friday, reporting an adjusted revenue of $5.3 B, an increase of 300% when compared to Q2 of 2019. Adjusted net income for the same period was $2.8B, an increase of 995% when compared to a year earlier.

Beyond the stock itself, stocks have been quite volatile these days amid turmoil in the US. Mounting tensions between the US and China, no progress in a coronavirus fiscal stimulus package, and uncertainty related to post-pandemic growth, all combined to force investors into a cautious approach.

RKT stock chart

US indexes are struggling around their opening levels at the beginning of the session, but NYSE:RKT is up 1.05% at 19.24. Yesterday’s close comes at 19.04 with a break below it, exposing the 52-week low at 17.50. It seems unlikely it could reach such a low as the market’s sentiment is generally positive. RKT hit a pre-opening high at 19.45, and an advance beyond it could attract additional buying interest.

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FXStreet Team

FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.