What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares are trading lower Monday. The stock may be seeing increased selling pressure on the back of rising Treasury yields.

What To Know: Several growth stocks faced selling pressure at the end of last week amid rising yields. Higher yields are usually bad news for stocks because higher yielding bonds make equities look less attractive. Higher yields also make it more expensive to borrow money, which tends to eat into company earnings and slow economic growth. This can be especially pressing for growth names with little to no earnings.

Palantir is set to report its third-quarter financial results before the market opens on Nov. 2. The company is expected to report earnings of 6 cents per share and revenue of $555.359 million, according to estimates from Benzinga Pro. Several other tech names will report earnings this week.

The 10-year Treasury yield was hovering around 4.94% at publication time. 

See Also: US Stock Futures Slump As Rising Bond Yields Rattle Investors Ahead Of Big Tech Earnings Deluge

PLTR Price Action: Palantir shares were down 3.43% at $15.57 at the time of publication, per Benzinga Pro.

Photo: Cory Doctorow from Flickr.