U.S. stocks are drifting Thursday as the market’s big burst following Donald Trump’s election continues to cool. The S&P 500 was 0.1% lower in midday trading but still near its all-time high set on Monday.

There have been few better stocks to own over the past three months than Palantir ( PLTR 1.42%). The stock more than doubled in that time, far outperforming both indexes and other market leaders. This performance can be traced to several events, notably Palantir's inclusion in the S&P 500 in September and its blowout Q3 earnings.

U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates.

Redburn Atlantic analyst Timm Schulze-Melander initiated coverage of the stock this week with a "buy" rating. The analyst set the price target at $178, implying upside of 21% over the current share price of $147 at the time of writing.

U.S. stocks are ticking higher ahead of the Federal Reserve’s announcement coming later in the afternoon about what it will do with interest rates.

The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 259 points, or 0.6%, while the Nasdaq composite added 0.1%.

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Shares retreated in Asia on Thursday after a lackluster finish on Wall Street following a report showing an uptick last month in inflation in the U.S.

Asian stocks on Wednesday followed Wall Street lower as momentum cooled for the torrid “Trump trade” that swept U.S. markets following Donald Trump’s presidential victory.