Palantir Shares and Tech Companies Influence The S&P 500 and Wall Street. The S&P 500 index experienced slight changes on Wednesday (7/3/2024), triggered by a sell-off in higher bond yields and the performance of AI companies.
The market responded to the performance of Palantir Technologies shares and there was also negative sentiment from concerns that the Federal Reserve might not lower interest rates as much as Wall Street had hoped.
Market indexes and general market response were near the flat line, while the Nasdaq Composite fell 0.15%. The Dow Jones Industrial Average rose 65 points, or less than 0.2%. Palantir Technologies shares jumped 19% after the company posted an increase in revenue in the fourth quarter.
Palantir shares responded positively, the data analytics provider’s performance jumped more than posting a 24% increase in revenue to $608.4 million for the fourth quarter, compared to $602.4 million expected by analysts surveyed by LSEG. This figure is in line with expectations.
On Monday, the S&P 500 index had lost 0.3%, down from a record high reached last week. The decline in stocks came after Federal Reserve Chair Jerome Powell reiterated that an interest rate cut at the central bank’s March meeting was unlikely, and as bond yields rose.
There are only some shares that have pushed higher in the last few weeks, driven by shares of technology giants which have continued their rise since 2023. Despite the uptrend, some investors have expressed concerns about whether the market can sustain such gains in the future, and warned of narrow market leadership. Palantir Shares and Tech Companies Influence The S&P 500 and Wall Street
