Stocks experienced significant shifts during midday trading, with several companies making headlines for notable movements in their stock prices. Here’s a rundown of some of the key highlights:
1. Palantir
Palantir, a technology stock, saw a significant decline of 11.9% during midday trading. This drop marked its worst day since May and set a record for back-to-back losses of 10% or more. The stock was affected by the disclosure of a new stock sale plan by CEO Alex Karp and comments from Defense Secretary Pete Hegseth pledging to reduce defense spending.
2. Robinhood Markets
The commission-free financial services provider experienced a brief drop of up to 8.4% during midday trading, as part of a broader sell-off in speculative stocks such as Palantir.
3. Walmart
Walmart, the big-box discount retailer, fell by 6.6% after disappointing forward financial guidance. The company forecasted earnings per share ranging between $2.50 and $2.60 for the fiscal year ending Jan. 31, 2026. Additionally, Walmart acknowledged potential impacts from proposed tariffs on goods from Mexico and Canada, stating that it would not be “immune” to such effects.
4. St. Louis Fed President Musalem
St. Louis Federal Reserve President Alberto Musalem emphasized the importance of a cautious approach to interest rates amidst growing uncertainty. While acknowledging a stable economy with a strong labor market and a gradual return of inflation to the Fed’s 2% target, Musalem cautioned against complacency in policymaking, citing risks involving economic policy uncertainty and prolonged high inflation.
5. Bank of America
Despite President Trump’s recent tariff threats, Bank of America viewed most of these contentions as negotiating tactics rather than permanent measures. The global economist at BofA, Claudio Irigoyen, expressed optimism that tariffs on China would likely settle around 10%-20% above pre-existing levels, rather than the previously announced 60%. Additionally, negotiations with Canada and Mexico were seen as strategic tools for obtaining concessions on other fronts.
These are just a few of the key movements and developments during midday trading, reflecting the dynamic nature of the stock market and the various factors influencing investor sentiment and company performance.