Palantir Soars as Government Okays Cloud Products | Global News Avenue

Latest data shows major U.S. stock indexes mixed Job vacancies rise and layoffs slow October, indicating the resilience of the labor market. Employment will continue to be in focus this week with the release of the November jobs report Expected to be released Friday morning.

After spending most of the day in negative territory, the S&P 500 recovered in the afternoon, closing up less than 0.1% and notching its third consecutive closing high. The Nasdaq rose 0.4%, also setting a record close, while the Dow fell 0.2%.

Shares of big data analytics software provider Palantir Technologies (PLTR) soared 6.9%, the best performance of the S&P 500 on Tuesday. Palantir announced that its cloud services have been authorized by FedRAMP, a government initiative to enable secure cloud computing operations across government agencies. The license covers Palantir’s full range of products and enables the company to provide a range of services to government entities.

Axon Enterprises (axonThe stock rose 5.3% after Morgan Stanley upgraded the stock to “outperform” and raised its price target. Analysts believe the maker of Taser equipment, body cameras and other law enforcement equipment can continue its growth trajectory as artificial intelligence (AI) products help drive upsell opportunities and encourage adoption of premium product packages.

American Telephone and Telegraph Company (time) shares rose 4.6% after the telecom giant laid out a plan ambitious strategic plan That includes returning more than $40 billion to shareholders through dividends and buybacks over the next three years. The company also said it would enhance its broadband internet fiber network and 5G wireless network, suggesting those investments should lead to stronger shareholder returns.

Integrated circuit manufacturer Microchip Technology (MCHP) lowered its third-quarter sales forecast while announcing plans to close its Arizona wafer manufacturing plant and lay off about 500 people. The company expects these moves to result in significant near-term restructuring costs. Microchip shares fell 7%, the largest decline among S&P 500 stocks.

Intel(international trade center) shares fell 6.1% on Tuesday, extending losses from the previous session after the semiconductor giant announced CEO Pat Gelsinger retires. according to a report ReutersFormer board member Lip-Bu Tan is among those being considered for the top leadership position. A final decision on who will run the company is expected to be made in the coming weeks.

ON Semiconductor stock (exist), a chipmaker focused on automotive and industrial end markets, fell 5.6%. Wells Fargo analysts noted that sentiment in the industrial sector of the semiconductor market remains negative and highlighted concerns that the automotive chip market may flatten in 2025.