Palantir Technologies Inc. (NYSE:PLTR) shares are trading down on Wednesday. The decrease follows other software stocks trading lower after comments from Fed Chair Jerome Powell suggesting further rate hikes may be needed to curb inflation.
What To Know: As reported by Benzinga, Powell reiterated the Fed’s 2% inflation goal in an exchange with the House Financial Services Committee Wednesday. The Fed Chair explained that the level of interest rates is “different to the speed at which we move” and noted that the Fed remains committed to its target to support the economic well-being of lower-income communities.
Powell acknowledged that inflation remains far from the 2% target and noted that it’s really hard to determine whether elevated interest rates will be the new normal.
The stock is also trading lower on high volume of 75 million shares, as opposed to the average of 65 million.
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PLTR Price Action: Shares of PLTR were down 6.55% at $14.76 at the time of publication, according to Benzinga Pro.
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