:max_bytes(150000):strip_icc()/GettyImages-1240824101-66e3a7a74e7645d4837edb8ac684df31.jpg)
On Monday, tech stocks experienced gains during intraday trading, with the S&P 500 tech sector rising over 1% at 11:45 a.m. ET. The broader S&P 500 also saw an increase of 0.6%, and the Nasdaq rose by 0.7%.
Shares of Palantir (PLTR) were on the rise as the company prepared to release its earnings report later in the day. Micron Technology (MU) shares also gained after receiving an upgrade from Baird, while Reddit (RDDT) shares saw an increase following Bank of America raising its price target for the stock.
Ahead of its earnings report, Palantir shares increased by over 6% to reach $24.74 in intraday trading. Analysts are expecting to see year-over-year growth in Palantir’s earnings due to increased demand from government and commercial customers for its artificial intelligence (AI) platform. Meanwhile, Micron Technology saw a rise in its shares of 4.5% to $120 after Baird analysts upgraded the stock to “outperform” from “neutral” and raised their price target to $150 from $115. The analysts pointed to an “unprecedented outlook for memory” over the next 12-18 months, with Micron being a significant partner for AI leaders like Nvidia (NVDA). Following Bank of America’s increase in price target to $50 from $46, shares of Reddit surged by over 6% to $49.62. The analysts expect positive results in the social media company’s advertising and data licensing revenue for the first quarter, with Reddit scheduled to report its earnings on Tuesday after the closing bell, marking its first quarterly report since its trading debut in March.
In summary, tech stocks saw gains during intraday trading on Monday as several companies prepared for their earnings reports or received upgrades from analysts. Palantir and Micron Technology both experienced significant share price increases ahead of their reports, while Reddit surged following Bank of America’s price target increase.