Market Summary - 03 Dec - Palantir Is Technology Biggest Winner

We saw major U.S. indices showing mixed performance after fresh data showed an uptick in job openings and a slowdown in layoffs in October, signaling resilience in the labor market.

This week, labor job data remain the focus for investors as we expect the November employment report scheduled for release Friday morning.

During much of the trading session, S&P 500 was trading in the negative territory, only to recover in the afternoon session to close with a gain of only 0.05% but it managed to continue with its third consecutive closing high. NASDAQ was up by 0.40% creating yet another record close, while DJIA was down by 0.17%.

Communication Services sector managed to gain 1.12% with help from AT&T (T) and Meta Platforms (META) which both gained 4.58% and 3.51% respectively. AT&T (T) has laid out an ambitious multi-year strategic plan, aiming for double-digit growth in adjusted EPS and over $18 billion in free cash flow by 2027. The plan includes expanding its fiber broadband network to over 50 million locations by 2029 and modernizing its 5G network. This strategy is expected to support $40 billion in shareholder returns through dividends and share repurchases over the next three years.

Palantir Technologies (PLTR) achieved FedRAMP High Authorization for its cloud-based services, enhancing its secure cloud offerings for federal government customers. This development strengthens Palantir's competitive advantage and supports its growth trajectory in the U.S. market.

Palantir has been one of my best long term stocks, as I believe there is much more innovation coming from Palantir. As a former user of the software, I have seen how it has grown from its early days.

As mentioned in my earlier article on Nvidia, I believe Nvidia is set to launch its new line of Blackwell Superchips at the annual UBS Global Technology and AI Conference, and the demand appears to be extremely high, indicating a strong potential for increased revenue. I am holding NVDA for long term.

Apple (AAPL) is reportedly negotiating a $1 billion investment in Indonesia to lift a ban on iPhone 16 sales. This investment would significantly increase Apple's previous offers and is part of ongoing discussions to improve its market position in Indonesia compared to other countries like Vietnam.

Consumer Discretionary also up by 0.13% making it the last third sector with positive gains, Lululemon Athletica (LULU) and Amazon (AMZN) was the top gainers in this sector with 1.87% and 1.30% increase,

The US 10 Year Treasury Bond Note Yield was 4.235%. This is lower than the long term average of 4.25%. The 2-year Treasury rate was 4.192%, which is higher than the long-term average of 3.22%.

From the technical, we can see that it is trading comfortably above the short-term and long-term MA, and MACD is also making a potential bullish crossover, this would mean that we can expect some more upside coming from PLTR and target price of $75 might be possible.

MTF has also giving a strong uptrend as a confirmation.

We might be seeing market trading in mixed mode as investors and traders await for more labor data on Friday, there might be an ending of a short rotation out of the chips and tech stocks, but we will see how the market perceive the resilience labour market versus Fed next interest rate cut decision.

Appreciate if you could share your thoughts in the comment section whether you think market would be trading in a mixed mode.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.