S&P 500 closes with gains driven by Palantir Technologies and Cummins

• The S&P 500 stock index rises 1.01% daily.
• Palantir Technologies (PLTR) shares soar 23.56% after an excellent quarterly report.
• Cummins Inc (CMI) shares gained 8.78% today, reaching a new all-time high.
• Investors remain attentive to the development of the United States presidential elections.

The S&P 500 hit a daily low of 5,714, finding aggressive buyers that drove the index to a high not seen since October 31 at 5,778. At the time of writing, the S&P 500 is trading at 5,714, gaining 1.01% today.

Palantir Technologies and Cummins push the S&P 500 into positive territory

Leading energy technology company Cummins (CMI) released its quarterly report today, reporting revenue of $8.5 billion, exceeding the $8.29 billion projected by analysts. Likewise, it recorded earnings per share of $5.86, above the $4.82 estimated by analysts.

Following these figures, CMI titles present a daily gain of 8.78%, establishing a new all-time high at $356.69.

On the other hand, the software development company, Palantir Technologies (PLTR), rises 24.37%, trading above $51.56. PLTR shares have soared after yesterday reporting revenue of $725.5 billion, up from $703.36 billion, as well as earnings per share of $0.10, better than the $0.09 expected by consensus.

The focus of investors will be on the United States presidential elections, the day is close between former president and Republican candidate Donald Trump and Democratic candidate Kamala Harris.

Levels to consider in the S&P 500

The S&P 500 reacted higher on short-term support given by the November 4 low at 5,694. The next key support is at 5,672, the October 2 pivot point. To the upside, the closest resistance is at 5,787, the October 31 high at the confluence with the 50% Fibonacci retracement. We see the next key resistance zone at 5,861, the high of October 22.

S&P 500 4-hour chart