Shares of residential real estate platform Opendoor Technologies surged about 40% in after-hours trading on Thursday after the company announced the appointment of Kaz Nejatian, the former chief operating officer of Shopify, as its new chief executive officer.

The move comes after weeks of speculation following the ouster of Carrie Wheeler in mid-August, a decision widely attributed to pressure from retail investors who have increasingly influenced the company’s direction.

Opendoor said it is doubling down on artificial intelligence while reinstating its founders on the board as it adapts to its new identity as a meme stock.

The company which has gained more than 260% so far this year, said Nejatian will guide the company into a new phase that emphasizes artificial intelligence and a return to founder-led leadership.

“Nejatian, a lawyer-turned-entrepreneur and product leader, is an AI-native executive with a track record of transforming products, teams, and companies at scale,” Opendoor said in a statement.

With Kaz Nejatian’s arrival, founders also reclaim influence on board

Alongside Nejatian’s arrival, co-founders Keith Rabois and Eric Wu will return to the company’s board of directors.

Rabois, a well-known venture capitalist and early technology investor, will assume the role of chairman.

The company said the move signalled a return to “founder mode” at a critical moment in Opendoor’s trajectory.

“Literally there was only one choice for the job: Kaz,” Rabois said in the announcement.

He added that Nejatian “understands the potential for AI to radically reshape a company’s entire operations.”

Board member Eric Feder echoed this view, saying that the return of the founders would help inject “founder DNA” and renewed energy into the business.

Nejatian himself said he saw significant opportunities to apply artificial intelligence to the real estate process, promising to make buying and selling a home “simpler, faster, and more certain.”

As part of its leadership shake-up, Opendoor disclosed that it had entered into securities purchase agreements with Khosla Ventures and co-founder Eric Wu to provide $40 million of new capital through a private investment.

From delisting threat to meme stock status

The leadership change caps a dramatic turnaround for Opendoor, which only a few months ago was facing the prospect of being delisted from the Nasdaq after its shares fell below $1 in May.

The company’s fortunes shifted in July, when it became the subject of viral attention online and won a wave of support from retail traders.

Investors on social media have compared Opendoor’s potential to companies like Carvana in the automotive space and Zillow in online real estate.

Its stock price tripled in that month alone, fuelled by endorsements from hedge fund manager Eric Jackson and discussions across social media platforms.

That momentum slowed in August after the company reported quarterly results that disappointed many of its new backers.

Critics argued that Opendoor was not moving quickly enough to capitalize on its sudden popularity, and calls grew louder for a management shake-up and greater focus on artificial intelligence.

Wheeler, who had led the company since 2022, stepped down on August 15.

Analysts see parallels with Carvana

Some analysts say Opendoor’s latest moves could put it on a path similar to other disruptive e-commerce platforms.

Zacks Investment Research noted that, while Opendoor remains speculative, it is also innovative, drawing comparisons with Carvana’s rapid ascent in the auto sector.

“If Opendoor can successfully replicate the Carvana playbook in the real estate sector, it can disrupt a massive market,” the firm said.

With Thursday’s after-hours surge, Opendoor’s market capitalization has climbed to nearly $6 billion, up from less than $400 million just three months ago.

The company’s leadership reset, focus on artificial intelligence, and continued retail investor enthusiasm suggest it is preparing to enter a new and uncertain chapter in its bid to redefine the housing market.

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A tense and watchful quiet has descended upon European markets, with stocks opening to a mixed and listless picture as the entire financial world holds its breath.

This is the calm before the storm, a market in a state of suspended animation, waiting for a crucial double-barreled verdict on the future of monetary policy from both the European Central Bank in Frankfurt and, more consequentially, from a high-stakes inflation report in the United States.

Shortly after the opening bell, the pan-European Stoxx 600 index was hovering around the flatline, a picture of deep indecision with no clear trend among major sectors or bourses.

This follows a night of record-setting gains in Japan, but the optimism from Asia has failed to cross over into a cautious Europe.

A glimmer of luxury in a sea of stillness

In a market otherwise paralyzed by anticipation, one pocket of corporate drama is providing a notable exception. Shares in the French luxury titan Kering, the owner of Gucci, added 2 percent in early trade to climb toward the top of the Stoxx 600.

The surge came after the company announced it would delay its planned acquisition of the fashion house Valentino until at least 2028, a move that investors are cheering as a sign of strategic patience and capital discipline.

A transatlantic tightrope: the verdict awaits

The Kering news, however, is merely a sideshow to the day’s main event. The primary focus for investors is the latest rate decision from the European Central Bank.

While the central bank is not expected to make any changes to its key deposit rate, which currently stands at 2 percent, the market will be dissecting its latest macroeconomic projections for any hint of a shift in its thinking.

But the more significant, market-moving data will come from across the Atlantic. Wall Street is bracing for the release of the August consumer price index (CPI), a report that will carry immense weight in determining the Federal Reserve’s next move.

Economists polled by Dow Jones are expecting a monthly increase of 0.3 percent, a figure that would keep annual inflation stubbornly above the Fed’s target.

This crucial CPI reading comes just one day after the producer price index showed an unexpected decline, a dovish surprise that has fueled hopes that the Fed will have the cover it needs to deliver an interest rate cut at its meeting next week.

The stage is now set for a tense day of waiting, as a nervous market looks for a clear signal to break the deadlock.

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Saudi Aramco, the leading oil exporter, has requested that Asian buyers increase their crude oil purchases in October. 

This comes after Saudi Arabia significantly reduced prices for all crude grades, more than anticipated, due to an expanding supply, according to a Reuters report. 

Two sources familiar with the matter revealed in the report that the oil giant encouraged these buyers to increase their crude oil purchases for October.

During this week’s APPEC conference in Singapore, Saudi Aramco engaged in discussions with various Asian buyers, actively seeking to regain its market share. 

This strategic move highlights Saudi Aramco’s proactive efforts to re-establish its dominance in the global oil market amidst fluctuating demand and competitive landscapes. 

The company’s representatives leveraged the influential platform of the APPEC conference to directly appeal to key regional clients, aiming to secure larger commitments for the upcoming month.

This has contributed to a delay in the allocation of the October supply to its customers, potentially until next week, according to one of the sources in the report.

Pricing and production adjustments

For October, the state oil producer has adjusted the price of its benchmark Arab Light crude destined for Asian markets. 

The new price is set at $2.20 per barrel above the average of Oman/Dubai crude benchmarks. 

This represents a reduction of $1 per barrel compared to the September price, which had reached a five-month high. This adjustment reflects a shift in pricing strategy following a period of elevated prices.

The reduction in crude oil prices was a direct consequence of a pivotal weekend meeting held by the Organization of the Petroleum Exporting Countries and its key allies, notably Russia. 

During this crucial gathering, the collective made a significant decision to increase oil production by 137,000 barrels per day, a measure slated to take effect in October. 

The decision by OPEC+ reflects a strategic maneuver to adjust global oil supply dynamics, often influenced by a complex interplay of factors including market demand, geopolitical considerations, and the economic interests of member nations.

Saudi Aramco, at the helm of the group, which collectively accounts for approximately half of the world’s oil production, has already significantly increased its production targets. 

Since April, OPEC+ has boosted its output by an additional 2.5 million barrels per day (bpd). 

This increase is a substantial amount, equivalent to roughly 2.4% of the total global oil demand. 

Market share and outlook

This strategic move by the group underscores its pivotal role in influencing global oil supply and, consequently, international energy markets. 

The consistent rise in production targets by such a major player signals ongoing adjustments to global energy needs and economic landscapes.

The recent action by OPEC+ suggests a strategic shift towards prioritising market share, even at the potential cost of price reductions, according to analysts.

Increased oil production, while currently absorbed by strong Middle East demand, is anticipated to create a global market surplus, pushing Brent crude prices below $60 per barrel.

In September, Saudi Arabia’s crude oil exports to China, its primary importer, decreased to approximately 43 million barrels from 51 million barrels in August.

On Thursday, Brent crude futures saw a slight decline to $67.38 a barrel. This dip was primarily driven by concerns regarding weakening US demand and the broader risks of oversupply. 

However, the losses were mitigated by ongoing worries about attacks in the Middle East and the conflict in Ukraine.

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The International Energy Agency (IEA) reported on Thursday that global oil supply is projected to increase more quickly than anticipated this year. 

This accelerated growth is attributed to increased output from OPEC+ members and rising supply from non-OPEC+ countries. The IEA’s statement also suggested the possibility of a growing surplus in 2026.

In August, global oil supply reached a record 106.9 million barrels per day, the agency said in its September Oil Market Report.

This increase was due to OPEC+ continuing to ease its output cuts and non-OPEC+ supply remaining near all-time highs.

Global output

Global oil production is anticipated to increase by 2.7 million barrels per day this year, reaching 105.8 million bpd. 

For the following year, a further rise of 2.1 million bpd is projected, bringing the total to 107.9 million bpd.

Non-OPEC+ countries are expected to contribute significantly to this growth, accounting for 1.4 million bpd of the increase this year and just over 1 million bpd next year.

The alliance of the Organization of the Petroleum Exporting Countries, Russia, and other allies has opted to accelerate the unwinding of its second phase of output reductions, thereby increasing the crude oil supply to the market. 

This additional supply has led to concerns about a potential surplus, which has put downward pressure on oil prices throughout the current year.

Supply outpacing demand 

The IEA projects a significant increase in global supply, outpacing demand growth. 

Despite this, the IEA revised its world demand growth forecast for the year upward by 60,000 bpd to 740,000 bpd, attributing this to robust deliveries in developed nations.

The IEA said in the report:

Oil markets are being pulled in different directions by a range of forces, with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances.

The IEA’s demand forecasts are conservative, aligning with the lower end of industry projections. 

This is because the agency anticipates a quicker shift towards renewable energy sources compared to other forecasting bodies. 

OPEC, however, projects a higher demand increase than the IEA and is scheduled to release its updated forecasts later on Thursday.

Following the release of the IEA report, oil prices slipped into the red, with Brent crude falling 0.8% just under $67 per barrel.

Surplus threat on the horizon

The IEA reported on Thursday that the global market is oversupplied, projecting an “untenable” average increase of 2.5 million barrels per day in worldwide inventories during the latter half of 2025 due to supply significantly exceeding demand.

The report suggested a potential supply surplus of approximately 3.3 million barrels per day for the upcoming year.

This is attributed to increased supply from OPEC+ and non-OPEC+ producers like the US, Canada, Brazil, and Guyana, coupled with only a modest rise in demand.

Last month’s report projected a 2026 surplus of nearly 3 million bpd. However, the IEA stated that this surplus might not occur.

It said:

There are a number of potential twists and turns ahead – including geopolitical tensions, trade policies and additional sanctions on Russia and Iran – that could yet alter market balances

According to the IEA, China’s continued stockpiling of crude oil is contributing to a tight market, as indicated by Brent crude prices for immediate delivery being higher than those for later contracts—a market structure known as backwardation.

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Dow futures edged 100 points higher on Thursday as Wall Street’s major indexes stayed close to record highs. Investors are growing more optimistic that inflation is easing and that the Federal Reserve could lower interest rates next week.

The S&P 500 and Nasdaq both moved up, helped by strong tech gains as Oracle’s rally and softer inflation data boosted confidence.

All eyes are on today’s inflation numbers, which could steer the Fed’s next steps.

For now, traders seem encouraged by the prospect of lower borrowing costs and continued tech sector strength, but are staying cautious ahead of fresh economic signals.

5 things to know before Wall Street opens

1. Today brings a high-stakes economic double-header: the August Consumer Price Index (CPI) and weekly jobless claims.

The CPI has Wall Street on edge, as investors hope for signs that inflation is continuing to cool from last year’s peaks.

Economists expect consumer prices to have risen about 2.9% year-over-year, a pace that could cement hopes for an interest rate pause or even a cut from the Fed down the road.

On top of that, jobless claims will offer a snapshot of the labor market’s health as always a big deal for predicting consumer spending power.

2. Pre-market trading is bustling with action this morning, revealing plenty of big stock swings.

Among the gainers, YY Group is rocketing over 120% on heavy volume, and Vince Holding is surging 95% after upbeat corporate updates.

AI-adjacent stocks like Treasure Global and Wearable Devices are also climbing sharply, helped by investor excitement around recent tech news.

On the flip side, several small-cap names as China Natural Resources, Robin Energy, and Intelligent Living are seeing steep declines, each falling more than 20% before the bell.

3. Chart watchers are noticing market indices trading at or near all-time highs, with the S&P 500 and Nasdaq recently closing at fresh records.

The major trend remains upward, but technical analysts flag a few caution zones. Historical data shows September can be a tricky month, often marked by choppiness even when longer-term momentum remains positive.

Many are watching for support just below these record levels; a stumble here might spark profit-taking.

4. Overnight, global markets traded mostly higher, drawing inspiration from Wall Street’s latest rally and upbeat inflation signals.

Asian shares got an extra push from tech leaders like Oracle, which soared on AI demand optimism, while Taiwan Semiconductor also popped after strong growth updates.

Weakness in some heavyweight names, such as Apple, was offset by broad enthusiasm for anything AI-related, echoing the sentiment seen in US tech.

5. Beyond the numbers, news of a tragic shooting involving a prominent activist in Utah has triggered reactions in certain sectors, most notably, a further rally in gun-related stocks.

On the corporate front, Oracle’s climb is driving chatter about large tech companies closing in on elite trillion-dollar market caps.

Investors are also eyeing several scheduled Fed speeches and Treasury auctions later today; unexpected commentary or auction outcomes could spark intraday volatility.

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