Investments

The opening trades were at $11 higher than what Figure priced the initial public offering, and in early action, the stock has ranged from $32 to $37 per share.

The company valued its 31.5 million share common stock sale at $25 per share, higher than the last announced expected range of between $20 and $22.

Treasuries rose, led by short-dated notes, after a reading on wholesale inflation came in weaker than expected, cementing bets that the Federal Reserve will start to cut interest rates next week. 

Besides upsizing the IPO, Figure's announced its technology is supporting Longbridge Financial's senior-specific home equity line of credit rollout.

Investors are anticipating the annual preliminary benchmark revision of US payrolls data. Further signs of softening could further raise expectations for Fed easing.

The purchase of Crestline bolsters Rithm's goals to grow the asset management side of its business and comes after previous hints of an insurance-related deal.

The US 30-year yield climbed as much as four basis points to 4.999% on Wednesday before stabilizing.

Figure Technology files for a $508M IPO, while co-founder Mike Cagney secures long-term control and a retention award tied to the company's growth.

US Treasuries retained most of their recent gains as anticipation of Federal Reserve interest rate cuts held firm after the central bank's preferred gauge of inflation matched economist estimates.

President Donald Trump's unprecedented and escalating attack on the Federal Reserve runs the risk of backfiring by hitting financial markets and the economy with higher long-term borrowing costs.