Yahoo Finance Live’s Julie Hyman summarizes three key topics to watch for this morning.
JULIE HYMAN: Let's get right to the three things you need to know. First thing you need to know, President Biden is set on meeting congressional leaders today for a pivotal round of discussions about the US debt ceiling. The US expected to run out of cash to pay its bills in just a few weeks unless the borrowing cap is raised. Today's meeting is not expected to finalize anything, but investors are hoping for more clarity as Biden and Republicans have so far been unable to find common ground on the matter.
Second thing you need to know, Palantir predicted its first profitable year ever after posting a surprise profit in the first quarter. CEO Alex Karp said demand for the company's new AI platform is, quote, "without precedent." But he did also warn about potential risks from new technologies. Palantir's overall revenue rose nearly 20% in the quarter, with both commercial and government units driving higher. The shares are surging in early trading.
And third thing you need to know, Under Armour's fourth quarter beat was overshadowed by its big full-year guidance miss. The company is forecasting sales and profit well below what Wall Street was expecting as the athletic apparel maker continues to struggle with its turnaround efforts. Under Armour warned back in February that an inventory buildup would weigh on recovery, and the new CEO Stephanie Linnartz said in a statement today that 2024 will be a year of building for the brand.