Palantir Technologies Inc (NYSE:PLTR) shares are trading higher by 4.0% to $15.74 during Friday's session, rebounding following Thursday weakness. The stock is rebounding Friday following better-than-expected U.S. jobs data released Thursday, which could raise concerns over further rate hikes. Additionally, Dallas Fed president Logan said more rate hikes are likely necessary.
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What Happened?
In the latest June FOMC Minutes, the Federal Reserve highlighted that while job market conditions remain tight, there were some signs of supply and demand in the labor market moving toward a better balance.
These new labor market data points arrive just one day before the highly anticipated non-farm payrolls report, which is set to be released Friday morning...Read More
What Else?
Higher interest rates can affect the overall business environment, leading to changes in consumer behavior and spending patterns. This may impact Palantir's clients and their willingness to invest in technology solutions during periods of economic uncertainty, potentially affecting the demand for Palantir's services.
Palantir shares have also skyrocketed some 145% on a year-to-date basis amid strength in AI-related stocks.
For the unitiated, Palantir is an analytical software company that focuses on leveraging data to create efficiencies in its clients' organizations. The firm serves commercial and government clients via its Foundry and Gotham platforms, respectively.
According to data from Benzinga Pro, PLTR has a 52-week high of $17.16 and a 52-week low of $5.92.
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