S&P 500 Gains and Losses Today: Palantir Plummets On Lingering Defense Spending Fears

Major U.S. equities indexes were mixed to start the week as investors failed to mount a rebound from last week’s selloff. Tech stocks helped lead the decline, which moved lower after President Donald Trump’s comments this afternoon confirmed tariffs on Canada and Mexico.

The S&P 500 fell by 0.5% in a trading session that saw the benchmark index mount a comeback after an early decline but gave back those gains to notch its third straight losing session. The tech-focused Nasdaq fell 1.2%, while the Dow Jones Industrial Average was marginally higher. 

Palantir Technologies (PLTR) was the worst performer in the S&P 500, falling 10.5% as the defense contractor’s stock continued to move lower on worries that spending cuts could impact the company. After reports last week that the Trump administration could make significant cuts to the U.S. defense budget, Palantir’s stock fell back from a record high to shed nearly 25% of its value.

Super Micro Computer (SMCI) dropped 8% ahead of its deadline tomorrow to issue delayed 2024 financial reports required by Nasdaq. A further delay in filing the reports could result in a delisting from the exchange. Supermicro shares jumped last week after it laid out guidance for significant revenue growth in 2026. 

Nuclear power companies fell on the news that Microsoft would potentially cancel leases for several data centers. Nuclear power is cited as a likely power source to help meet the increased electricity demand created by data centers used to provide AI services. Constellation Energy (CEG) fell 5.9%, with Vistra (VST) declining 5.1% and GE Vernova (GEV) dipping 3.7%. 

Walgreens Boots Alliance (WBA) shares jumped by 6.3% to lead S&P 500 gainers, coming after reports that private equity firm Sycamore Partners was working to secure financing for a buyout of the retail pharmacy chain. Walgreens’ stock surged last week after reports that a deal for the struggling retail firm was back on the table after it was thought to be dead.

Nike (NKE) shares jumped by 4.9% after Jefferies upgraded the stock and raised the price target on optimism for a recovery of the footwear maker’s profit margin and earnings per share (EPS). Analysts said the stock was poised to jump as much as 40%, with its downside risk limited to around 8% over the next two years.

Berkshire Hathaway (BRK.A; BRK.B) shares were up by 4.1% after the Warren Buffett-led conglomerate reported a 70% increase in fourth-quarter operating earnings, while its full-year operating earnings for 2024 were 27% higher than the prior year.

Pharmaceutical service provider Charles River Laboratories (CRL)  jumped by 4.6% on reports that Chief Executive Officer (CEO) James Foster purchased $1 million worth of shares in the company.