Since Donald Trump was announced president-elect, the S&P 500 (^GSPC 0.38%) has gained roughly 2% while the Nasdaq Composite (^IXIC 1.24%) has jumped by about 5%. At a high level, these moves suggest that stocks have broadly been moving higher over the last month or so.
The ongoing artificial intelligence revolution is poised to transform entire industries — in tandem, it has been one of the dominant narratives in financial markets for the past two years. The promise of automation and greater efficiency has spurred a flurry of investments.
What's the hottest S&P 500 stock of 2024? Palantir Technologies (PLTR -0.42%) is the hands-down winner.
It's been a phenomenal year for Wall Street and investors. Whereas the stock market's major indexes have historically averaged annual returns that range from the high single digits to around 10%, the ageless Dow Jones Industrial Average, benchmark S&P 500, and growth-propelled Nasdaq Composite have respective rocketed higher by 16%, 27%, and 33% on a year-to-date basis, as of the closing bell on Dec. 13.
Palantir Technologies (PLTR -0.42%) has reached many major milestones this year. The company joined the prestigious S&P 500 index back in September, proving it's now one of the major players driving today's economy.
For much of the last two years, big tech has dominated the storyline revolving around artificial intelligence (AI). "Magnificent Seven" members Microsoft, Amazon, and Alphabet have invested billions into the likes of ChatGPT creator OpenAI and perhaps its biggest rival, Anthropic.
Cohere is one of the best-known AI startups outside of OpenAI and Anthropic, hitting a $5.5 billion valuation as of July as we previously reported. It's co-founded by an author of the ‘Attention is All You Need' paper that helped launch the LLM revolution.
Steve Grasso, Grasso Global CEO, joins 'Power Lunch' to discuss stock plays for three stocks.
Palantir stock, which just got added to the Nasdaq 100, retreated Monday. The post Palantir Stock, Which Was Just Added To Nasdaq 100, Sheds 4% appeared first on Investor's Business Daily.
Shares of Palantir Technologies (PLTR) fell Monday, while MicroStrategy (MSTR) rose, following the late-Friday news that the companies will join the Nasdaq 100 Index next week.
The Nasdaq 100 has announced that Palantir Technologies Inc (NYSE:PLTR), MicroStrategy Incorporated (NASDAQ:MSTR) and Axon Enterprise Inc (NASDAQ:AXON) will be joining the index as part of its annual reconstitution. These three companies will be added to the index before the stock market opens on Monday, December 23, replacing Illumina Inc (NASDAQ:ILMN, ETR:ILU), Super Micro Computer Inc (NASDAQ:SMCI) and Moderna Inc (NASDAQ:MRNA, ETR:0QF).
Palantir Technologies (PLTR) isn't the only name joining the Nasdaq-100 Index (NDX) next week.