PLTR and NOW fell hard Tuesday even as QQQ rose 0.57%, highlighting a widening divergence between headline indices and the tape. Traders are watching for a broader shift.
Tuesday, June 24, 2026. $SPY -0.02%, $QQQ +0.57%, $IWM +0.67%, $DIA +0.26%. The headline numbers looked calm. Beneath the surface, a handful of high-growth names took another hit. PLTR and NOW were the most visible casualties, each falling for a second straight session.
Traders said the selling appeared to be profit-taking after a strong run. Neither stock had a major announcement Tuesday. The moves were concentrated in a few names, not a broad tech selloff.
QQQ's gain, despite the weakness in two of its larger components, points to rotation within the tech sector. Strength in larger QQQ holdings like AAPL and MSFT helped offset the drag from PLTR and NOW. Volume in QQQ was above average, suggesting active participation in the move. Small caps and industrials led the day, with IWM and DIA both posting gains. The pattern fits a quarter-long shift from mega-cap tech into value and cyclicals.
Palantir's Alpha Score is 35 out of 100, a Mixed label. The stock has been under pressure since its recent highs, and Tuesday's decline added to the pain. PLTR stock page AlphaScala's Alpha Score combines technical, fundamental, and sentiment signals into a single 0-100 scale. Scores above 60 are bullish, below 40 are bearish, and 40-60 is Mixed. PLTR's 35 places it in bearish territory, reflecting the uncertainty around its valuation and growth trajectory.
SPY carries an Alpha Score of 38, also in bearish territory. QQQ scores 44, the highest of the three, which aligns with its relative outperformance. QQQ stock page SPY stock page The divergence in scores mirrors the divergence in price action. QQQ's neutral score suggests the ETF is not yet flashing a warning signal, even as some components struggle.
The two-day rough patch for PLTR and NOW has not infected the broader tech complex. QQQ is the outlier among major tech ETFs, up 0.57% on Tuesday after a modest decline Monday. The selling in PLTR and NOW has so far remained contained to those names. QQQ's resilience suggests traders are rotating within tech, not exiting.
The broader market showed a risk-on tone. IWM and DIA both rose, with small caps and industrials leading. SPY ended nearly flat, while QQQ posted a modest gain. The divergence between the headline indices and the tape was clear. IWM has been outperforming SPY in recent weeks, a trend that continued Tuesday. Analysts have pointed to the rate outlook as a driver of the rotation, with expectations of lower rates boosting cyclical sectors.
The two-day decline has trimmed a portion of PLTR's year-to-date gains, though the stock remains up for 2026. For NOW, the selloff has brought the stock back to levels seen earlier this month. Both stocks have been volatile in recent weeks.
Traders said the selloff in PLTR and NOW is not yet a systemic risk, given QQQ's resilience. PLTR and NOW were among the biggest decliners in the S&P 500 on Tuesday, according to Bloomberg data. QQQ closed near its session high, while SPY hovered near flat. The tape told a different story than the indices.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.