Palantir Stock Jumps As Tech Sector Rallies Monday

Key Takeaways

Palantir (

PLTR

) shares jumped Monday amid a
broader rally among tech stocks
to open the week.

The tech-heavy

Nasdaq index

was up 1.9% Monday morning amid reports that the Trump administration is
considering narrowing the scope
of the tariffs set to be announced on April 2. Reports from

Bloomberg

and

The


Wall Street Journal

said that the administration may hold off on announcing sector-specific tariffs for the semiconductor and auto industry, among others.

Palantir stock set a number of
record highs
last month,
peaking
at an all-time high close of $124.62 on Feb. 18. However, the software maker’s shares
moved lower
in the weeks after
amid concerns
that the Trump administration’s focus on cutting government spending could negatively impact contractors like Palantir.

Analysts have recommended buying the stock’s
recent dip
, with some arguing that the government spending cuts
could actually help Palantir
as the company’s artificial intelligence products
could aid the cost-cutting efforts
.

Also on Monday, a rebalancing of the S&P indices that was announced
earlier this month
went into effect, with Palantir among a group of
companies being added
to the S&P 100.

Palantir stock was up 5% Monday, nearly four times its price 12 months ago.

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