Why Palantir Stock Is Sinking Today
Palantir (NASDAQ: PLTR) stock is under pressure and getting hit with substantial sell-offs in Tuesday's trading. The artificial intelligence (AI) leader's share price was down 5.6% as of noon ET. At the same point in the day's trading, the S 500 was down 0.4%, and the Nasdaq Composite was down 1%.
While there do not appear to be any immediate, business-specific developments weighing on the company's stock today, there are geopolitical and macroeconomic dynamics that could be factoring into the valuation pullback. Investors taking profits on the heels of an incredible rally this year is likely also a factor in today's sell-off. Even with a significant pullback today, the stock is still up 117% year to date.
Image source: Getty Images.
Source Fool.com
