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What's Going On With Palantir Technologies Shares

Palantir Technologies Inc (NYSE: PLTR) shares are trading lower by 5.49% to $7.57 Tuesday afternoon. Shares of companies in the broader software sector are trading lower after August CPI data showed greater-than-expected US inflation.

Benzinga · 09/13/2022 13:31

Palantir Technologies Inc (NYSE:PLTR) shares are trading lower by 5.49% to $7.57 Tuesday afternoon. Shares of companies in the broader software sector are trading lower after August CPI data showed greater-than-expected US inflation. This has driven yields up and raised expectations of aggressive Fed rate hike policy.

A rise in rates could drive a slowdown in the economy while also decreasing the present value of future cash flows, which weighs on growth stock valuations.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More

See Also: Here's How Much You'd Have Right Now If You Invested $1,000 In Apple Shares When Steve Jobs Resigned As CEO In 2011

According to data from Benzinga Pro, Palantir Technologies has a 52-week high of $29.29 and a 52-week low of $6.44.