Palantir Technologies Inc. (PLTR  ) is gearing up for a significant milestone: its inclusion in the S&P 500 index, effective Sept. 23.

S&P 500 Inclusion Boosts Palantir's Stock

This move will see Palantir replace American Airlines Group Inc (AAL  ), Etsy Inc (ETSY  ) and Bio-Rad Laboratories Inc (BIO  ).

Historically, inclusion in this prestigious index tends to drive up stock prices due to increased buying from index funds and ETFs.

Palantir shares have already seen a notable uptick, jumping over 10% on Monday.

New Enterprise Deal Fuels Pre-Market Surge

This rise is also fueled by the company's latest enterprise agreement with BP PLC (BP  ), aimed at extending their strategic relationship. The deal will introduce new AI capabilities with Palantir's AIP software, further boosting investor confidence.

The collaboration highlights Palantir's growing influence in the AI space and its expanding commercial footprint.

Palantir Stock: Bulls Vs. Bears

Technically, Palantir's stock is showing a bullish picture.

Currently trading at $32.94, it's above its 50-day SMA of $28.83 and 200-day SMA of $23.14, signaling long-term bullish momentum. The stock's price is currently above both the eight-day and 20-day SMAs, at $30.92 and $31.21, respectively, indicating short-term buying pressure. This suggests a positive overall trend and points to a potential bullish trajectory moving forward.

Palantir's upcoming S&P 500 inclusion and new enterprise deal with BP are significant drivers of its recent stock performance.

Investors should watch for how these factors interact with the technical indicators as the company prepares for its S&P debut and continues to expand its AI capabilities.