Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir  (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry,

Wall Street is waiting for the outcome of the US election and will quickly shift gears to the Fed's next policy meeting on Wednesday.

Shares of Palantir Technologies Inc. soared to a record high after the company reported better-than-expected quarterly revenue and raised its forecast for operating income in the current period, citing high demand in the US for its artificial intelligence software.

Palantir Technologies stock was climbing after the software company posted better-than-expected third-quarter financials and increased its guidance for the year. One analyst is concerned about where the beat came from.