Palantir’s record earnings juice the stock market’s AI trade ahead of the election

Palantir’s record earnings juice the stock market’s AI trade ahead of the election

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US stocks rose on Tuesday as investors geared up for the result of the presidential election and mulled record earnings from Palantir.

Though new momentum from Harris over the weekend weighed on the Trump trade on Monday, Treasury yields, bitcoin, and Trump Media stock were all higher on Tuesday.

Palantir spiked as much as 20% after reporting record profit and signaling high demand for its artificial-intelligence software. It was the best-performing stock in the S&P 500 by a considerable margin, and the results helped lift other AI-related tech names like Nvidia and Tesla. AI-focused exchange-traded fund rose more than 1%.

Immediately following the election, Wall Street will turn to the Federal Reserve’s policy meeting on Wednesday and Thursday. According to the CME FedWatch tool, markets see a 96% chance the Fed cuts its benchmark rate by 25 basis points at the conclusion of the meeting on Thursday.

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Here’s where US indexes stood at the 9:30 a.m. opening bell on Tuesday:

  • S&P 500: 5,761.90, up 0.9%
  • Dow Jones Industrial Average: 42,099.74, up 0.7% (306 points)
  • Nasdaq composite: 18,368.71, up 1%

Here’s what else is going on:

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In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil climbed 0.38% to $71.76 a barrel. Brent crude, the international benchmark, was higher by 0.35% to $75.34 a barrel.
  • Gold increased by 0.30% to $2,754.1 an ounce.
  • The 10-year Treasury yield gained 1 basis point to 4.327%.
  • Bitcoin rose 1.97% to $68,814.
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