Palantir delivered an encouraging financial performance in the third quarter. Its customer count increased 39% to 629, and the average existing customer spent 18% more. In turn, revenue jumped 30% to $726 million, the fifth straight sequential acceleration. Meanwhile, non-GAAP earnings soared 42% to $0.10 per diluted share.

Many Wall Street bears have retreated in the face of this year's blistering stock rally. The few that remain see a steep correction on the horizon.

Wall Street pointed toward gains early as markets try to claw back losses from a rare bumpy week. Futures for the S&P 500 gained 0.4% before the bell Friday, while futures for the Dow Jones Industrial Average rose less than 0.