Stocks Soar on Interest Rate Hopes: PennyMac and Franklin BSP Shares Jump

PennyMac Financial Services and Franklin BSP Realty Trust shares surged after NY Federal Reserve President John Williams' comments boosted hopes for an interest rate cut. PennyMac Financial Services jumped 2.7%, while Franklin BSP Realty Trust rose 2.6%. The stocks are not very volatile, but the market considers this news meaningful, although it might not fundamentally change its perception of the business. PennyMac Financial Services is up 26.6% this year and is trading near its 52-week high.