RKT - What's Going On With Rocket Companies Stock After Hot Inflation Data? | Benzinga
Rocket Companies, Inc. (NYSE:RKT) shares are trading lower Wednesday. Consumer Price Index data from March came in hotter-than-expected before the market open.
What To Know:
The CPI data came in at 3.5% year-over-year, versus the estimated 3.4% leading many investors to think the Federal Reserve will leave interest rates higher for longer. The 10-Year Treasury yield climbed to 4.513% following the inflation data release and could lead to higher mortgage rates if the gain holds.
Investors may be anticipating higher mortgage rates and the possibility of fewer interest rates cuts from the Fed, both of which would put pressure on potential home buyers.
Rocket introduced its "Rocket Logic" artificial intelligence (AI) technology platform designed to make the mortgage process more efficient on Tuesday. The company said it combines insights from more than 10 petabytes of proprietary data and 50 million ...