Why Palantir Stock Is Plummeting Today

Shares of Palantir Technologies (NASDAQ: PLTR) are plummeting on Monday. The company's stock lost 11.1% as of 2:20 p.m. ET and was down as much as 12% earlier in the day. The drop comes amid broader market weakness, with the S 500 down 2.8% and the Nasdaq Composite down 4.2%.

The artificial intelligence (AI) and big data company is being hit by growing recession fears and comments by President Donald Trump.

Concerns about an economic downturn escalated following comments Trump made during an appearance on News' Sunday Morning Futures. When asked about the possibility of a recession, Trump responded, "I hate to predict things like that," adding: "There is a period of transition, because what we're doing is very big. We're bringing wealth back to America."

Source Fool.com