Shares of Palantir Technologies ( PLTR -11.35%) are plummeting on Monday. The company's stock lost 11.1% as of 2:20 p.m. ET and was down as much as 12% earlier in the day. The drop comes amid broader market weakness, with the S&P 500 down 2.8% and the Nasdaq Composite down 4.2%.

Palantir (PLTR) has been in a freefall over the past three weeks amidst concerns that President Donald Trump’s tariffs could lead to stickier inflation and an economic slowdown in 2025. Plus, Trump’s administration announced plans to lower defense spending last month that also did not bode well for PLTR shares.

What Happened? Shares of data-mining and analytics company Palantir (NYSE:PLTR) fell 10.1% in the afternoon session after markets tumbled, extending the weakness from the previous week as concerns over the ongoing trade war continued to spread.