What significant market updates occurred on May 5, 2026?
Public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani, and today is Tuesday, May 5th.
In today's episode, I'm breaking down Palantir's blowout earnings and why investors are questioning the company's valuation. I'll also tell you why Apple is in talks with Intel and Samsung to make its chips. Then stick around to the end of the show to find out why Michael Burry just dumped his entire GameStop stake. We got a great show for you today. Let's go.
Stocks pulled back a bit on Monday after Iran reminded everyone that the war is still happening. The S&P 500 dropped 0.4%, the NASDAQ fell by 0.2%, and the Dow dropped by over 1%, but nobody cares about the Dow, so... You know, for the last few weeks, the market has mostly treated the Iran war like background noise.
I think investors were convinced that a diplomatic solution would be the likely outcome. But yesterday we got the biggest flare up since the ceasefire started nearly a month ago. Now, the good news is that the ceasefire is still technically holding as of this morning and oil prices are cooling off a bit. after Monday's spike.
The bad news though is that oil is still 50% higher than it was before the war started, and that continues to hang over the market. Also, the 10-year treasury yield hit 4.45% yesterday, which is the highest level since July. So the bond market is starting to get nervous too. But despite all of that though, the stock market isn't really freaking out. The market continues to be resilient. Also,
I want to talk about Bitcoin real quick because we're starting to see some signs of life again. The price of Bitcoin is back above $80,000 for the first time since early July. Prices have gone up 17% over the past month. Now, Bitcoin would need to rally another 50% from here to get back to all-time highs. So there's still a long way to go, but at least there's some momentum now.
So I'm going to keep my eye on Bitcoin again, along with the situation in the Middle East, plus all the earnings that we're getting this week. So definitely get subscribed to the podcast and tune in every day to stay in the loop. Let's run through some headlines. starting with Palantir. Palantir reported earnings last night, and the numbers were incredible across the board.
Revenues were up 85% year over year to $1.6 billion. That's the fastest growth rate Palantir has had since they went public in 2020. Net income quadrupled to $876 million. Their margins are over 50%. I mean, this company beat on literally every key metric.
And not just that, Palantir also raised its full year revenue outlook to $7.65 billion, which is up from the $7.2 billion they guided just a few months ago. Government contracts continue to be a big part of Palantir's business. Government revenue jumped 84% to $687 million.
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