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NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.Developments in the artificial intelligence (AI) sector have generated a lot of headlines over the past couple of years. The abilities of AI systems to create original content, automate processes, and increase productivity have businesses of all stripes eager to secure a part of the resulting windfall. One company that's well positioned to benefit from this trend is Palantir Technologies ( PLTR 8.54% ) . It has decades of experience creating novel AI solutions, which came in handy when the generative AI trend went mainstream early in 2023. That secular tailwind has been extremely profitable for the company and its shareholders. The stock is up 333% so far this year and up 1,060% since the start of 2023, with its gains driven by robust results and an expanding opportunity. Positive developments for Palantir were so plentiful over the past week, it's likely that some investors didn't catch all the announcements. So here are four things you may have missed this week. 1. Admission to the Nasdaq-100 index To kick off the week, Nasdaq announced that Palantir will be added to the Nasdaq-100 index before the market opens on Dec. 23. This was widely expected after Palantir switched its listing from the New York Stock Exchange to the Nasdaq last month. In a press release at the time, Palantir said, "The company expects to begin trading as a Nasdaq-listed company on November 26, 2024 and its common stock will continue to trade under the symbol "PLTR." Upon transferring, Palantir anticipates meeting the eligibility requirements of the Nasdaq-100 Index." While the listing move was largely a cosmetic change, it could boost demand for Palantir stock, as mutual funds , institutional investors, and exchange-traded funds that track the index will have to buy it. 2. A new partnership Palantir and Red Cat Holdings ( RCAT 18.33% ) announced a strategic partnership that will see Palantir's Visual Navigation software integrated into Red Cat's Black Widow drone. The company will also deploy Palantir's Warp Speed manufacturing operating system. "Equipped with Palantir's visual navigation and artificial intelligence, the Black Widow will be among the most capable drones ever fielded by the Department of Defense, compact enough to fit in a rucksack," said Red Cat CEO Jeff Thompson. The terms of the contract weren't provided. 3. Extending its Army Vantage contract Palantir announced an extension to its "long-standing partnership with the U.S. Army to deliver the Army Vantage capability in support of the 'Army Data Platform' (ADP)." The platform leverages data and Palantir's AI to accelerate decision-making and improve combat readiness. While the original contract was focused on personnel and combat readiness, the ADP system has become integral to the Army's data-driven decision-making process. It supports soldiers in a growing list of use cases in areas such as logistics, risk management, recruiting, and financial management. This new agreement will expand the contract to include data across the entire Department of the Army. The total value of the contract is $400 million, though it could potentially be increased to as much as $618 million over the next four years. 4. Translating faith-based content On the other side of the war and peace coin, Pray.com chose Palantir to help it with foreign language translations for the company's faith-based content. The company noted the challenge of providing its offerings in a variety of languages, which has been cost-prohibitive due to the staffing requirements and the complexity of local idioms. Using Palantir's Ontology Software Development Kit, Pray.com was able to process audio and video transcripts and translations "across multiple languages," achieving the "quality of native language speakers." Perhaps equally important, it was able to achieve these results in a matter of minutes, rather than the days or weeks of human efforts its large volumes of translations had previously required. Terms of the deal weren't disclosed. What it all means for investors It's important to point out that none of these developments are likely to move the needle for Palantir individually. Taken together, however, they bolster the company's investment thesis. Given Palantir's rapid growth trajectory, commonly used valuation metrics like price-to-earnings and price-to-sales ratios fall short as gauges of its stock. However, applying the more appropriate forward price/earnings-to-growth (PEG) ratio -- which considers Palantir's robust growth rate -- provides a multiple of 0.61. Generally speaking, the experts view any positive PEG ratio below 1 as signifying an undervalued stock. For price-sensitive investors concerned about its current level, it might be worth buying Palantir using a dollar-cost averaging strategy -- investing set amounts in the stock at regular intervals, regardless of what the price is doing at those times. Or, one could wait and hope the stock dips. That said, given the company's accelerating growth and the magnitude of the opportunity, I believe Palantir is a buy .
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