Why Palantir Stock Soared 4.7% Today
Shares of Palantir Technologies (NASDAQ: PLTR) rose on Thursday, finishing the day up 4.7%. The jump came as the S 500 and the Nasdaq Composite finished up 0.7% and 1.3%, respectively.
The artificial intelligence (AI) company's stock recovered most of Wednesday's decline after a softer-than-expected inflation report raised market hopes of more rate cutting by the Federal Reserve.
The Bureau of Labor Statistics (BLS) released its November report showing annual inflation now clocking in at 2.7%, well below the expected 3.1%. The news boosted stocks across the market, but had a particularly significant impact on more speculative stocks, like Palantir's, as it increases the likelihood that the Federal Reserve will cut rates at its next meeting. Lower rates tend to lead to investors taking on more risk.
Source Fool.com
