Shares of Palantir (NASDAQ: PLTR) are sinking on Thursday, down 6.4% as of 1:12 p.m ET. The move comes as the S 500 and the Nasdaq Composite lost 1.1% and 1.7%, respectively.

The artificial intelligence (AI) powerhouse is seeing its stock fall amid a larger sell-off as investors weigh macro news and stretched valuations in tech.

While the government shutdown means no official job numbers from the Bureau of Labor and Statistics (BLS), according to a report from the firm Challenger, Gray Christmas, job cuts for October totaled 153,074. That's up 183% from September and is the most cuts for the month of October since 2023.

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Source Fool.com