Wall Street's main indexes have slipped to over one-week lows following warnings of a market sell-off from some big US banks while an upbeat sales forecast from AI favourite Palantir failed to impress investors.
CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs cautioned that equity markets could be heading for a drawdown of about 10 per cent to 15 per cent, underscoring growing concerns over sky-high valuations.
Shares of Palantir Technologies slid 8.7 per cent even as the data analytics company forecast fourth-quarter revenue above analysts' estimates.
The stock has jumped nearly 400 per cent in the past year.
Shares of big tech stocks also slipped, with Nvidia down 2.1 per cent, Alphabet losing 1.6 per cent and Microsoft off 1.0 per cent.
