Happy Wednesday afternoon to everyone on The Street.

• 🟩 | US stocks rose on Wednesday. The stock market rose despite the Fed holding rates steady at a 23-year high. The S&P 500 topped the 5,200 level and hit a new intraday high, while the Nasdaq Composite and the Dow made roughly 1% gains.

• 📈 | One Notable Gainer: Shares of Tesla rose 3% as the EV company prepares for its end-of-quarter sales push and rolls out price increases on its Model Y.

• 📉 | One Notable Decliner: Signet Jewelers’ stock plummeted 12% after the company issued disappointing first-quarter revenue guidance, marking the stock’s largest decrease since September of last year.

• 🦾 | Tomorrow's Trade: Another AI Application. Scroll down for more.

Plus, today’s partner outlined 11 easy ways to get money without getting a job.

MARKET MOVERS

Chipotle, Boeing, and Paramount

CMG (+3%) Chipotle shares surged after its board approved a 50-for-1 stock split to increase its investment accessibility, a rare move on Wall Street (AP)

MBLY (+8%) Shares of autonomous driving company Mobileye Global popped on the news that it’s expanding its partnership with Volkswagen (CNBC)

BA (+4%) Boeing’s stock made substantial gains after a report that the company is exploring the sale of at least two of its defense businesses (Bloomberg)

BNTX (-4%) BioNTech, the company that partnered with Pfizer to create Covid vaccines, saw a pullback as it missed earnings estimates due to a drop in vaccine demand (Barron’s)

PARA (+12%) Shares of Paramount Global shot up after Apollo Global Management made an $11 billion offer to buy its Hollywood studio (WSJ)

POWERED BY FINANCE BUZZ

11 Easy Ways To Get Money Without Getting A Job

Having a little bit of extra cash padding feels good … secure … and safe.

But finding ways to get extra cash (that are actually worth your time) can be challenging. That’s why we came up with a curated list of the best side hustles you can do right now — that still work in 2024!

Start your next side hustle now and starting getting some more cash this week!

OVERHEARD ON THE STREET

YF: The Federal Reserve signaled Wednesday that it would lower interest rates three times this year, which is consistent with its previous December projection.

CNBC: But, but, but… The central bank won’t reduce the target range until it has greater confidence inflation is moving towards 2%. Also, it expects fewer rate cuts in 2025 than last projected.

Fortune: In a blow to the crypto industry, the SEC is waging a legal campaign to classify Ethereum, the second-most popular cryptocurrency, as a security.

CNN: The EPA just finalized rules to limit auto tailpipe emissions from cars, SUVs, and pickups as part of a push to accelerate America's transition to EVs.

Reuters: The Biden administration is awarding Intel nearly $20 billion in grants and loans to supercharge the company’s domestic semiconductor chip output.

A MESSAGE FROM OUR PARTNERS

TOMORROW’S TRADE IDEA, TODAY

Another AI Application

More Than a Government Contractor

Everyone is looking for the hottest AI stocks these days, and Brian Stutland of Equity Armor Investments thinks he’s found one. Stutland is manager of the Rational Equity Armor Fund (HDCAX), which is up over 5% this year.  

He’s bullish on Palantir Technologies (PLTR). The company is well-known for its work in government defense and intelligence contracting. 

But according to Stutland, the company is much more than that. He believes it’s becoming more involved in the AI space.

Perfecting a Platform

Around 56% of Palantir’s revenue comes from government contracts - the rest is commercial business. 

The company has been ramping up its Artificial Intelligence Platform (AIP) lately, and CEO Alex Karp recently told shareholders that US demand for large language models is “unrelenting.” Their AIP is still in the early stages, but it’s geared towards identifying objects in the military field, increasing security, and more.

Stutland believes that the AIP will be fundamental to the future of the company as US enterprises increasingly embrace it.

Poised for Growth

Stutland has given Palantir a price target of $37 per share, a 57% upside from Tuesday’s open. Shares are up over 41% this year. 

Dan Ives of Wedbush Wedbush Securities seems to agree, recently raising his price target from $30 to $35 per share. He has also given it a rating of “outperform.”

According to Ives, the market for AIPs like Palantir’s will grow to $1 trillion as both government and commercial entities begin to adopt them. 

Palantir could provide investors with a great opportunity to gain exposure to a creative AI stock.

POWERED BY FINANCE BUZZ

11 Easy Ways To Get Money Without Getting A Job

Having a little bit of extra cash padding feels good … secure … and safe.

But finding ways to get extra cash (that are actually worth your time) can be challenging. That’s why we came up with a curated list of the best side hustles you can do right now — that still work in 2024!

Start your next side hustle now and starting getting some more cash this week!

ON OUR RADAR

BI: In February, more than one in three millennials and Gen Z Americans had a subprime credit score, a 6%+ increase since the same period last year.

CBS: According to Vanguard, a record-high 3.6 percent of workers took hardship distributions from their 401ks in 2023.

MW: Bank of America sees “more reasons to be bullish than bearish on the US consumer” as consumption trends have slowed but not collapsed from inflation.

BI: Universa Investments founder Mark Spitznagel believes that the stock market will rally further before we hit the “worst crash since 1929.”

MW: 75% of the jobs the U.S. economy added last year were in just three sectors: government, healthcare, and hotels and restaurants.

A MESSAGE FROM OUR PARTNERS