Benzinga | Oct 4, 2021 11:03AM EDT

Why Palantir Technologies Shares Are Falling

Shares of companies in the broader technology sector, including Palantir Technologies Inc. (NYSE:PLTR) are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.

The 10-year Treasury yield hit an intraday high of 1.508% Monday morning before dipping to around the 1.496% level. The spike in the 10-year note Monday comes after the Federal Reserve in September spoke on winding down its ongoing asset purchasing program.

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

Palantir Technologies' stock was trading about 4.75% lower at $23.17 per share on Monday at the time of publication. The stock has a 52-week high of $45 and a 52-week low of $8.90.