ARM and PLTR are on track for their fifth-straight daily losses
Arm Holdings PLC (NASDAQ:ARM) and Palantir Technologies Inc (NASDAQ:PLTR) shares are tumbling amid a broader market selloff. Today's losses came after President Donald Trump's said reciprocal tariffs would target all countries that impose tariffs on U.S. imports, with duties set to go into effect on Wednesday.
ARM is down 4.8% at $102.65 at last glance, trading at its lowest level since August and pacing for its fifth-straight daily loss. The security breached a floor at $110 on Friday after failing to sustain a move above the 20-day moving average, and shed more than 35% in the last nine months.
The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.27 sits higher than 87% of reading from the past 12 months. This means short-term options traders lean bearish on ARM.
PLTR was last seen down 6.4% to trade at $80.40, also on track for its fifth consecutive daily loss after its latest surge fell short of the $100 level. The equity is testing long-term support from its 100-day trendline today, but still sports an impressive 243.5% year-over-year lead.
Options bears are blasting PLTR, with 203,000 puts traded so far -- double the put volume typically seen at this point -- compared to 115,000 calls. Most active is the weekly 4/25 60-strike put, while new positions are being sold to open at the 70-strike in that same series.