US Stock Market Move | Palantir (PLTR.US) fell more than 10% as the U.S. Department of Defense plans to cut its budget.

On Thursday, Palantir (PLTR.US) stock continued to decline, with the stock falling over 10% to $100.78 as of the time of writing. On the news front, US Defense Secretary Pete Hesgeth has requested senior military leaders to develop a plan to cut the defense budget by 8% annually over the next five years. Analysts believe that this budget reduction plan could have a significant impact on Palantir, as in the past two quarters, its US government business has grown by over 40% and government business accounts for more than half of Palantir's total revenue.