S&P 500 Keeps Marching, Palantir Stock Tumbles 10% on Budget Cuts
The Palantir stock (PLTS) surged 95% in a month, but tumbled around 10% lower today, while S&P 500 hit a new record level.
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The European stock markets faced a broad-based downturn, with losses affecting all major indices. Various factors, including macroeconomic concerns, corporate earnings reports, and geopolitical uncertainties, contributed to the market’s weak performance. Meanwhile, U.S. indices showed a more mixed picture, with the Dow, NASDAQ, and S&P500 recording slight gains which put SPX at a record high.
Closing Levels for Main US Indices
- Dow industrial average up 71.25 points or 0.16% at 44627.59.
- S&P index of 14.57 points or 0.24% at 6144.15.
- NASDAQ index up 14.99 points or 0.07% at 20056.25.
- Russell 2000 down 7.89 points or -0.34% at 2282.45.
Meta and Palantir Decline
Meta’s impressive 20-day streak came to an end as the stock dropped 2%, shedding $14 to close at $701.84. The decline contributed to a broader weakness in software stocks, with the software ETF slipping 1.8%, which was another factor to weigh on Palantir stock price.
Palantir shares plunged 12% after reaching a new high, following budget cuts that impacted investor confidence. The Pentagon’s directive to reduce its budget by 8% may create future opportunities for efficiency gains, but downside risks remain. After reaching an all-time high of $125.40, Palantir retreated to $109.50.
Key downside levels to watch include the retracement area at $102 and the 100-hour moving average at $106.43—levels last seen in early February. Additionally, Palantir’s CEO plans to sell nearly 10 million shares by September 2025, raising concerns about market timing and potential selling pressure.
S&P 500 Live Chart
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