What's Going On With Palantir Stock?
Portfolio Pulse from Adam Eckert
Palantir Technologies Inc's (NYSE:PLTR) shares are trading lower alongside several tech companies due to concerns about further rate hikes following Thursday's jobs data. The ADP National Employment Report showed that U.S. private employers added 497,000 jobs in June, raising the likelihood of more interest rate hikes from the Federal Reserve. Despite the pullback, Palantir shares are up more than 85% over the last three months, driven by better-than-expected quarterly results and strong demand for its new AI platform.
July 06, 2023 | 5:42 pm
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Palantir's stock is trading lower due to concerns about further rate hikes. However, the company's strong quarterly results and demand for its AI platform have driven its shares up by more than 85% over the last three months.
The stock is trading lower due to concerns about further rate hikes, which could negatively impact growth stocks. However, the company's strong quarterly results and the high demand for its new AI platform have been positive factors for the stock. The overall impact is negative in the short term due to the potential for further rate hikes.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100