By Elsa Ohlen
Palantir stock and the Nasdaq both have had a rough few days, amid nervous tech investors and a changing policy landscape under President Donald Trump.
Shares in the data analytics and military contractor are down five consecutive days but were rising 3.6% to $91.02 in early trading Wednesday, down from a record close of $125 on Feb. 18.
Meanwhile, the tech-heavy Nasdaq Composite has fallen for four consecutive days, however was up 0.6% Wednesday morning.
The move upwards could be linked to optimism around earnings coming from Nvidia, the chip maker and artificial intelligence player, which come after the bell Wednesday.
Palantir stock has been suffering on reports that the Trump administration could cut the U.S. defense budget. That could significantly dent the company's balance sheet as it gets most of its revenue from government contracts. It fetches one of the highest valuations among peers of about 160 times forward earnings.
On a more positive note, the U.K. announced Tuesday it would hike military spending. As the U.K. is another big military spender that could potentially soften the blow from budget cuts from across the Atlantic.
If Palantir's gains hold, the stock would break its worst five day stretch since May 2022.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 26, 2025 10:16 ET (15:16 GMT)
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