S&P 500 Claims Losses, Palantir Tech Stock Surges 15% As Markets Reverse
The Palantir Technologies stock price jumped 15% today on positive earnings, while S&P 50o managed to claim the losses and close the gap in after-hours trading.
The US stock market ended lower as investors reacted to the latest tariff announcements, including 25% duties on imports from Canada and Mexico and an additional 10% tariff on Chinese goods. However, as the trading session unfolded, markets began to recover from early losses, driven by optimism over tariff negotiations, sending the main US indices higher. But, the Tesla stock didn’t stop falling
In a significant development, Mexican officials confirmed that President Sheinbaum had productive discussions with Donald Trump, resulting in a 30-day delay in the proposed tariffs on Mexican imports. This boosted sentiment, leading to a late-session rebound in equities. Although Canada’s initial talks with the US appeared tense, later reports indicated that Canada had also secured a similar 30-day reprieve. As part of the deal, Prime Minister Justin Trudeau agreed to appoint a fentanyl task force and commit $1.3 billion to border security, meeting US demands for a temporary pause in the tariffs.
US Stock Market Closing Levels – February 3, 2025
Major Index Performance:
- Dow Jones Industrial Average: ▼ -122.75 points (-0.28%) to 44,421.91
- S&P 500 Index: ▼ -45.96 points (-0.76%) to 5,994.57
- NASDAQ Composite: ▼ -235.49 points (-1.20%) to 19,391.96
- Russell 2000 (Small-Cap Index): ▼ -29.27 points (-1.28%) to 2,258.41
While broader markets remained cautious amid ongoing trade negotiations, futures for the S&P 500 traded higher post-close, reflecting optimism that further tariff relief could support market stability in the near term. However, uncertainty remains regarding the additional 10% tariff on China, as discussions between US and Chinese officials have yet to yield a conclusive outcome.
Corporate Spotlight: Palantir Technologies Surges on Strong Earnings
After-hours, Palantir Technologies (PLTR) posted impressive quarterly results, exceeding expectations. The company reported:
- Earnings per share (EPS): $0.14 (vs. $0.11 expected)
- Revenue: $827.5 million (vs. $780 million forecast)
The market responded positively, with Palantir’s stock soaring 15%, adding $12.60 to close at $96.30. This reinforced investor confidence in the company’s strong performance and growth outlook.
S&P 500 Live Chart
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