Yahoo Finance markets contributor Remy Blaire discusses market trends, including shares of Broadcom rising higher after its multi-billion deal with Apple, and Palantir Technologies' shares hitting a 52-week high.
RACHELLE AKUFFO: Let's head to the New York Stock Exchange now for a closer look at what's trending. "Yahoo Finance" contributor Remy Blaire is on the ground covering all the market action for us. Hey, Remy.
REMY BLAIRE: Well, good morning. Wall Street did start on a lower note. And we are seeing the major stock averages hold below the flat line. But keep in mind that this does come as the NASDAQ composite as well as S&P 500 saw 2023 highs at the end of last week.
Now, today, the latest batch of earnings reports, as well as economic data releases are being digested. In terms of data points, new home sales top forecasts rising 4.1% in April. Meanwhile, we saw May PMI come in below 50 missing estimates.
In terms of market moving stocks that we're watching this morning, let's start out by looking at Broadcom. Now, shares of the company are higher up by over 1% and fast approaching all-time highs not seen since 2009. This does come on the heels of Broadcom and Apple announcing a multibillion dollar deal to create 5G, as well as wireless connectivity components in the US. Now, the 5G components will be built in manufacturing centers across the nation.
We are seeing shares of Apple trade below the flatline. Meanwhile, Palantir Technologies shares are up by a double digit percentage point on this Tuesday morning, topping $13 a share, and hitting fresh 52-week highs. Cathie Wood's Ark Investment keeps adding Palantir shares and added over $4 million across multiple funds, including Ark Investments Innovation ETF, Fintech ETF, and Next Generation ETF.
Last week, Ark Investment added 1.26 million shares of Palantir across several funds. We have seen shares of Palantir rally by over 50% since it reported earnings. And also, announced that its AI platform will be rolled out to its select customers.