- PLTR fell by 4.77% on Monday alongside a broader market sell off.
- Palantir stock recovers on Tuesday and is up 2% from the open.
- Palantir may be in danger of losing one of its lucrative partnerships.
Update: Palantir stock is recovering some ground on Tuesday as a global stock market recovery is underway. At the time of writing the stock is up 2% just from the opening bell. The stock still has a long way to go to recover from recent losses. Palantir has suffered more than most as it is a very high growth stock and so affected by higher bond yields.
NYSE:PLTR investors woke up to a sea of red to start the week as the broader technology sectors sold off in reaction to the 10-year treasury bond yield rising once again. On Monday, shares of PLTR fell by 4.77% and closed the tumultuous trading session at $23.17. Palantir has hit some rough waters as of late as the stock has now lost over 14.0% in the past week and 13.0% during the past month. The NASDAQ was the big loser on Monday as the tech-heavy exchange dipped for the sixth time in the past seven sessions, while the Dow Jones shed a further 323 basis points and the S&P 500 dropped by 1.3%.
Stay up to speed with hot stocks' news!
Some good news for the data analytics company as Palantir reported it has signed back on for another round of cloud-based data support for the NIH and NCATS. Both health-related agencies are continuing their collaboration with Palantir in the field of COVID-19 research and analysis. Palantir was first awarded the contract in April of 2020 at the start of the project, and it seems as though the U.S. government is intending on the company to see the project through to the finish.
PLTR stock forecast
Now for some bad news for Palantir investors that broke late last week. The company is in danger of losing one of its most lucrative and infamous contracts with ICE or the U.S. Immigrations and Customs Enforcement. This was one of the first contracts that brought Palantir to the mainstream attention with many people against the way its platform was being used. Now, it seems that ICE is preparing to replace Palantir with its own in-house system.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.