Dailt Wrap – AI Trade Hits a Wall—Market Retreats Over Valuation Concerns

Index futures tracked lower overnight with the catalyst being AI-related valuation concerns. Palantir Technologies (PLTR -7.95%) moved sharply lower despite an impressive beat-and-raise earnings report, with investors seemingly focused on the stock’s lofty valuations. Even after today’s pullback, the stock still trades at a forward price-to-earnings ratio of over 200x. PLTR (daily) down on heavy…