Benzinga | Sep 27, 2021 11:06AM EDT

Why Palantir Shares Are Falling

Palantir Technologies Inc (NYSE:PLTR) shares are trading lower by 3.5% at $27.55 amid overall market weakness as growth stocks dip on a rise in the 10-year treasury yield.

The 10-year Treasury yield hit an intraday high of 1.517% Monday morning before dipping to around the 1.484% level. The move in the 10-year note comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.

Palantir Technologies builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations.

Palantir has a 52-week high of $45.00 and a 52-week low of $8.90.