April’s Top 5 Tech Stocks: Spotlight on Palantir (PLTR) as a Prime Investment Opportunity

• Palantir Technologies (PLTR) experiences a surge in stock prices following a new AI and cloud partnership with Oracle (ORCL).
• The tech stock is maintaining support at its 10-week moving average, positioning it in an alternate buy zone.
• The stock market is currently in a confirmed uptrend, with many tech stocks performing better due to changes in interest rates and Federal Reserve policies.

Palantir Technologies partners with Oracle, leading to a surge in stock prices and positioning it as one of the top tech stocks to buy and watch now.

Palantir’s Partnership with Oracle

Palantir Technologies, known for its data analytics software, has recently announced a new AI and cloud partnership with Oracle. This news has led to a significant gap up in Palantir’s stock prices. Currently, the stock is holding support at its 10-week moving average, which places it in an alternate buy zone. This makes Palantir one of the five best tech stocks to buy and watch now.

Stock Market Trends in 2023

Despite substantial year-to-date gains for the Nasdaq composite and S&P 500 in 2023, the year was challenging for many of the best stocks to buy and watch. This was partly due to rising interest rates and an increasingly hawkish Federal Reserve. However, the narrative has changed dramatically with the Fed now set to start cutting rates this year. As a result, a large number of tech stocks are acting better with the stock market back in a confirmed uptrend.

Best Stocks to Buy

After hitting a low of 3.3% in early May, the 10-year Treasury yield surged above the 4% level last summer as investors weighed the prospects of more interest rate hikes by the Federal Reserve to combat inflation. A rising interest rate environment isn’t good for the best stocks to buy in the tech sector with high multiples. However, the market has dialed back rate-cut expectations, making the operating environment less challenging for tech stocks.

Top Traits of Best Stocks to Buy

The best stocks to buy and watch aren’t hard to find, as long as you’re fishing in the right pond. Top stocks like Arista Networks (ANET) and Monday.com (MNDY) don’t get a lot of attention, but both have characteristics seen in past stock market winners before big price moves. The best stocks to buy and watch boast strong fundamentals along with leading price performance in their industry group. Many also show favorable fund ownership trends.

Conclusion

With the stock market in a confirmed uptrend and the Federal Reserve set to start cutting rates, many tech stocks are performing better. Among these, Palantir Technologies stands out due to its new partnership with Oracle and its strong position in the alternate buy zone. As we move forward, it will be interesting to watch how these trends develop and what other opportunities arise in the tech stock market.