Palantir leads the way down as momentum stocks crater

Behind the upturn in the average S&P 500 component on Tuesday, with the Invesco S&P 500 Equal Weight ETF up about 0.2%, is some serious damage in the highest-flying stocks.

Palantir Technologies, the poster child for richly valued AI stocks and the best-performing S&P 500 constituent year to date, is leading the downside in momentum stocks.

The drop is poised to extend the stock’s losing streak to five sessions, its longest run in the red since April 2024.

The move is happening on absolutely zero fundamental news, but a less supportive backdrop in the options market. Over the course of its pullback, Palantir’s put-to-call ratio has averaged levels not seen since the market rout in April.

Shares are down about 15% over the past five sessions.

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