NEW YORK — Wall Street’s rally stalled on Wednesday after U.S. stocks climbed back within 2% of their all-time high. The Standard & Poor’s 500 fell 0.3% for its first loss in four days. The Dow Jones Industrial Average was virtually unchanged after edging down by 1 point, and the Nasdaq composite slipped 0.5%.

Analysts have been cutting their estimates for companies’ sales and profits, but there are always exceptions to trends.

Since the end of 2022, shares of Palantir have returned nearly 1,900%, which has lifted the company's market cap to north of $300 billion. In other words, Palantir went from being a tech stock of fringe importance to being one of the foundational companies within the sector.