Stock-market futures drop, oil surges back above $100
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Palantir Technologies (NYSE:PLTR) fell 7% Thursday as software stocks declined following new AI product launches and comments from short seller Michael Burry about competitive threats.
A modest decline in oil prices proved enough to lift U.S. stocks. The tech-heavy Nasdaq composite rose 1.2% and the S&P 500 added 1%, with all of its sectors gaining.
Palantir fell as rising competition in AI software weighed on its premium valuation, with recent commentary highlighting pressure on its ability to expand beyond long-cycle government contracts despite strong defense demand.
(Editor’s note: The future prices of benchmark tracking ETFs, the lede, the economic data and the headline were updated in the story.) U.S. stocks pared earlier gains to drop on Tuesday, following Monday’s advances.