Stock Market Update

[BRIEFING.COM] The major averages trade in a relatively stable range below their baselines as the market enters the final half hour of the session.

Today's renewed fears about the passage of maritime traffic through the Strait of Hormuz have weighed on U.S. Treasuries as well, with yields moving higher across the curve and the 30-year yield lifted to its highest level since mid-July.

Attention now turns to a sizable batch of earnings reports after the close, which includes Palantir Technologies (PLTR 147.67, +3.60, +2.50%). Shares traded sharply higher following its Q4 report on February 2, but have since pulled back and are down about 7% since. Shares are also roughly 41% below their all-time high reached in early November, as valuation concerns and broader pressure on high-multiple AI/software names have weighed on the stock.

While Palantir has pulled back from its highs, expectations remain elevated given its strong growth, AIP momentum, and consistent upside execution. Investors will be looking for confirmation that PLTR can continue to deliver a strong AI/software growth profile. Its Q4 report was encouraging, with revenue growth accelerating, U.S. commercial revenue surging, and TCV bookings reaching a record. The focus tonight will be whether that momentum is continuing. Guidance will be especially important given Palantir's long track record of issuing upside outlooks.