There are many potential causes of this red itchy spot on your palm. Therefore, especially if the problem persists or worsens, you should get help from you primary care doctor
to figure out what is going on.
One very common problem is eczema
. This is a condition in which the skin becomes reddened and inflamed and itchy, usually due to excessive dryness. Often eczema on the palms begins as tiny blisters under the skin and then progresses to the red spots you are describing. Typically, treating this will require excellent skin moisturizing as well as a steroid cream.
Another possibility is contact dermatitis, which occurs when the skin becomes irritated because of some allergy or chemical contact. In addition to trying to identify and remove the offending substance, contact dermatitis is treated much the same as eczema, with topical steroid creams.
Another possibility is that this is a bug bite. For example, bed bugs are increasingly becoming a problem in the United States. For those who have a problem with them, it is not uncommon to 'wake up' with new red, itchy spots which turn out to be the bites from the bugs.
Start by seeing your primary care doctor for an examination. Good luck!