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Palantir Extends Losses, Microsoft Slides: What's Driving Markets Monday?

Benzinga·02/24/2025 17:54:27
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The major indices struggled to maintain early momentum on Monday, but appear to climbing back with the S&P 500 and Dow Jones both green in midday trading. 

Microsoft Corp. (NASDAQ:MSFT) shares fell 1.05%, reaching a 28-week low of $399.62, following reports that the company canceled leases for data center capacity in the U.S. Other tech giants also faced pressure with Broadcom Inc. (NASDAQ:AVGO) dropping 1.33%, Tesla Inc. (NASDAQ:TSLA) declining 0.34% and Meta Platforms Inc. (NASDAQ:META) falling 1.55%.

In contrast, Apple Inc. (NASDAQ:AAPL) shares bucked the trend, rising approximately 1% after announcing plans for a $500 billion investment in the US over the next four years, along with the creation of 20,000 new jobs.

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Investors are closely watching NVIDIA Corp.’s (NASDAQ:NVDA) upcoming quarterly earnings report, scheduled for release on Wednesday. The chipmaker’s stock was down about 0.4% ahead of the announcement. 

Natural gas futures fell more than 6% toward $43.9/MMBtu, retreating from a 25-month high reached last week after prices surged more than 16% as Arctic air increased demand and reduced supply. 

Bitcoin (CRYPTO: BTC) was down slightly Monday and remains range-bound near the $95,000 level. 

Monday’s Performance In Major U.S. Indices, ETFs

Major Indices Price 1 day % chg.
Nasdaq 100 19,463.98 -0.31%
S&P 500 6,022.48 0.16%
Dow Jones 43,612.15 0.42%
Russell 2000 2,191.65 -0.17%

According to Benzinga Pro data:

  • The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 0.23% to $601.32. 
  • The SPDR Dow Jones Industrial Average (NYSE:DIA) climbed 0.51% at $436.31. 
  • The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dipped 0.22% to $524.94. 
  • The iShares Russell 2000 ETF (NYSE:IWM) eased 0.06% to $217.67. 
  • The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) was up 0.17% to $218.77.
  • The Energy Select Sector SPDR Fund (NYSE:XLE) rose 0.45% to $91.34.  

Monday's Stock Movers

Palantir Technologies Inc. (NASDAQ:PLTR) shares continued to sell off, extending losses to more than 22% over the past five sessions. Robinhood Markets, Inc. (NASDAQ:HOOD) shares also extended their losing streak to six straight sessions, down 3% in midday trading. 

Stocks reacting to company earnings reports included: 

  • Domino's Pizza Inc. (NASDAQ:DPZ
  • Gran Tierra Energy Inc. (AMEX:GTE
  • Kosmos Energy Ltd. (NYSE:KOS
  • Summit Therapeutics Inc. (NASDAQ:SMMT)
  • Hovnanian Enterprises, Inc. (NYSE:HOV)

Companies reporting after Monday's closing bell include: 

  • Bridge Investment Group Holdings Inc. (NYSE:BRDG)
  • Diamondback Energy, Inc. (NASDAQ:FANG
  • Viper Energy, Inc. (NASDAQ:VNOM
  • Hims & Hers Health, Inc.  (NYSE:HIMS)
  • Zoom Communications Inc. (NASDAQ:ZM)
  • Riot Platforms Inc. (NASDAQ:RIOT
  • Cleveland-Cliffs Inc. (NYSE:CLF
  • Chegg Inc. (NYSE:CHGG

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