Palantir Stock Shakes Off Big Tech Weakness Ahead of Earnings

The tech sector is in focus today investors unpack results from several "Manigificent Seven" names, including Amazon.com (AMZN), Alphabet (GOOGL), Meta Platforms (META), and Microsoft (MSFT). Plenty more tech earnings are on deck, with Palantir Technologies (NASDAQ:PLTR) expected to enter the confessional after the close on Monday, May 4.

PLTR was last seen 1.3% higher to trade at $139.73, but carries a 21.6% year-to-date deficit. The security has distanced itself from its early April pullback that sent the shares to their lowest level since June, but is struggling with overhead pressure from the descending 80-day moving average.

The equity has a mostly positive history of post-earnings reactions, however, finishing higher after five of its last eight reports, including a 6.9% gain in February. The options market is pricing in an 11% move this time around, regardless of direction, which is slightly smaller than the 13.5% swing PLTR has averaged over the last two years.

Options traders lean overwhelmingly bullish toward Palantir Technologies stock. This is per the its 50-day call/put volume ratio of 1.66 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits at the top of annual readings.