rewrite this title The Daily Breakdown: Palantir Charts in Focus After Earnings

Palantir stock is in focus after reporting earnings, while Bitcoin is hitting multi-month highs. The Daily Breakdown digs in.

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What’s Happening?

Monday was a reset day for stocks…not so much for crypto. The Dow fell 1.1% and the S&P 500 slipped 0.4%, but Bitcoin helped lead the crypto charge, popping 1.6% and clearing that stubborn $80K level. Only two sectors finished in the green yesterday — energy and tech — as oil remains above $100 a barrel and the USO ETF hovers near record highs.

👀 S&P 500 Spotlight

Tyson Foods, the frozen chicken maker, jumped almost 8% on Monday after reporting earnings, hitting a new 52-week high and leading all S&P 500 components on the day. On the flip side, United Parcel Service and FedEx tumbled, falling 10.5% and 9.1%, respectively.

Today’s earnings reports include PayPal, Shopify, Ferrari, Pfizer, Advanced Micro Devices, Super Micro Computer, and Strategy, among others.

⚡ Crypto Corner

The world’s largest cryptocurrency — Bitcoin — is doing the heavy lifting right now, but a few others are trying to pitch in too. Dogecoin is quietly up almost 20% over the past month, Ondo climbed more than 9% on Monday — and is up more than 19% over the past four days — while Polygon just hit a one-month high.

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The Setup — Palantir

Palantir delivered another record quarter and raised its full-year outlook following the strong results. Government revenue remained robust, although commercial sales fell short of market expectations, which may help explain the stock’s muted response so far this morning, with shares slightly lower in pre-market trading.

Still, traders are watching the chart.

That’s because PLTR is holding support near $125, but remains trapped below downtrend resistance — the blue line above. If shares can clear that level, bullish momentum could build and PLTR could rally. However, if selling pressure accelerates, current support could be put to the test.

Options

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What Wall Street’s Watching

GME

When it comes to GameStop, “the math isn’t mathing” is the vibe on Wall Street. Shares rallied 6% on Friday, then tumbled 10% yesterday after reports that the company is exploring a $56 billion bid for eBay, which rallied 5% on the day. But even with banking support, investors are questioning whether GameStop — with its roughly $11 billion market cap — has the financial firepower to pull off an M&A move of that size. Check out the charts for GME.

CRCL

Shares of Circle have been on fire lately, rising almost 10% on Friday and nearly 20% on Monday. The stock is now hitting a one-month high after a key compromise on the CLARITY Act reportedly cleared a major legislative hurdle. The company is scheduled to report earnings on May 11. Dig into the fundamentals for CRCL.

Disclaimer:

Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.