Title: Stock Market Update: Palantir’s Positive Earnings Boosts Price, Tesla Hits New Lows
Date: [Current Date]
By [Your Name]
In a quiet start to the trading day, Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures showed little change ahead of Tuesday’s stock market open.
One stock that experienced a significant increase in price was Palantir Technologies (PLTR) after reporting positive earnings. The company’s adjusted earnings per share (EPS) came in at 8 cents, surpassing expectations, and it recorded revenue of $608.4 million. This strong performance led to a surge in stock price for Palantir.
However, the news was not as positive for Tesla (TSLA) as its stock faced a decline, reaching new recent lows. Analysts are predicting negative growth for the electric vehicle maker in 2024, with earnings estimates below the previous year’s numbers.
On the other hand, Apple supplier NXP Semiconductor (NXPI) saw a rally of 3% after reporting robust earnings and sales results in extended trade. This positive news propelled the stock price higher.
Looking at Monday’s performance, the Dow Jones Industrial Average dropped 0.7%, while the S&P 500 slipped 0.3%, and the Nasdaq composite declined by 0.2%.
Among the “Magnificent Seven” stocks, Tesla experienced the largest loss, down 3.65%, while Nvidia (NVDA) rallied 4.8% to reach record highs. Apple and Microsoft had mixed performance in the stock market, with Apple’s stock up 1% and Microsoft’s down 1.35%.
Market analysts suggest keeping an eye on stocks such as Expedia (EXPE), KKR (KKR), Lennar (LEN), and MongoDB (MDB), which are recommended to buy and watch during the current market rally. Additionally, Disney and Walmart are key Dow Jones stocks to watch, as both are within the buy range.
For further market insights, investors are advised to follow IBD’s The Big Picture column for an updated stock market outlook and exposure level. Furthermore, IBD MarketSmith’s “Breaking Out Today” and “Near Pivot” lists can provide valuable stock ideas based on breakout patterns and buy points.
Treasury yields saw a spike, with the 10-year U.S. Treasury yield reaching 4.16% on Monday. In the commodities market, oil prices rebounded, with West Texas Intermediate futures settling below $73 a barrel.
To stay up-to-date on growth stocks and the Dow Jones Industrial Average, it is recommended to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for regular updates.
In conclusion, the stock market saw Palantir’s positive earnings driving its stock price higher, while Tesla faced a decline and reached new lows. Apple and Microsoft had mixed performance, and certain stocks like Expedia, KKR, Lennar, and MongoDB are recommended stocks to watch during the ongoing market rally.
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