The stock market continued to increase on Tuesday amid growing hopes of an imminent interest rate cuts. The market was also driven by better-than-expected earnings across different sectors (not only technology).
Overall, S&P 500 rose 0.6% to 5,667, while NASDAQ was up 0.2% to 18,509.
Tweet of the Day
This is bullish for the stock market. https://t.co/1gTzcXlsoN
— David Sharek (@GrowthStockGuy) July 14, 2024
Chart of the Day
Here is the one-year chart of Palantir (PLTR) as of June 10, 2024, when the stock was at $23.
Palantir delivered another blockbuster quarter, with strong performance from its Commercial Business in the US. US Commercial revenue spiked 40% year-over-year as customer count jumped 69% to 262 from 155 a year ago. Palantir’s Artificial Intelligence Platform (AIP) Bootcamps are five-day consultations for the company to understand the following: (1) how to apply AI to its operations; (2) develop use cases and; (3) onboard and train users. Palantir has had 915 Bootcamps since its launch in mid-2023. For its US Commercial Business, management stated that AIP is driving both new customer conversions and existing customer expansions. Last quarter, US Commercial Total Contract Value (TCV) for deals closed increased by 131% year-over-year.
PLTR is currently in our Growth Portfolio.
