Tech Sector Surges During Intraday Trading on Monday: Palantir, Micron, and Reddit Drive Growth

The S&P 500 tech sector experienced significant gains during intraday trading on Monday, with the overall index rising by 1.2% as of 11:45 a.m. ET. The Nasdaq, which has a significant tech component, also saw an increase of 0.7%.

Shares of Palantir (PLTR) and Micron Technology (MU) were among the stocks that drove the tech sector’s growth. Palantir shares surged by over 6% to $24.74 following an upgrade from Baird to “outperform” and a price target increase to $150 from $115 based on optimism for memory demand over the next 12-18 months. Micron is a significant partner for AI leaders like Nvidia, with plans to begin mass production of high-bandwidth memory chips for Nvidia’s AI GPUs.

Reddit shares saw a boost after Bank of America analysts raised their price target to $50 from $46, citing anticipation of positive first-quarter earnings driven by increased advertising and data licensing revenue for the social media company. Reddit was scheduled to report its earnings on Tuesday after the closing bell, marking its first quarterly report following its trading debut in March.

Tech stocks have been performing well in recent weeks as investors continue to show confidence in the industry’s ability to innovate and adapt to changing market conditions. Despite some concerns about inflation and geopolitical tensions, many investors see technology as one of the most promising sectors for long-term growth.

Overall, Monday’s gains were welcomed news for investors looking to diversify their portfolios into technology stocks. With so much potential for innovation and growth in this sector, it’s clear that these companies will continue to play an important role in shaping our future economy.

Intraday trading is becoming increasingly popular among individual investors looking to capitalize on short-term price movements in stocks. With real-time data and fast-paced markets, intraday trading can be highly rewarding but also carries significant risks that require careful consideration before making any investment decisions.

As always, it’s important for investors to do their due diligence before investing in any particular stock or sector. They should consider factors such as financial performance, market trends, competitive landscape, and regulatory environment when making investment decisions.

In summary, tech stocks experienced gains during intraday trading on Monday led by Palantir (PLTR), Micron Technology (MU), and Reddit (RDDT). The overall S&P 500 saw a rise of over 1%, with the Nasdaq experiencing similar gains. Investors should approach intraday trading carefully but can reap significant rewards if they are willing to take calculated risks based on thorough research and analysis.