Mumbai, Nov. 5 -- The tech-heavy Nasdaq is down 239.84 points (1%) at 23,594.89. The S&P 500 is down 42.10 points (0.6%) at 6,809.87 and the Dow is down 117.58 points (0.3%) at 47,219.10.

Palantir Technologies (PLTR) dropped steeply, plunging by 6.9%. It came under pressure amid concerns about the stock's valuation even though the company reported better than expected fiscal fourth quarter results and raised its revenue guidance. Yum! Brands (YUM) surged by 6.0% after the fast food giant reported better than expected third quarter results.

Goldman Sachs (GS) CEO David Solomon warned of a significant correction by the equity markets over the next 1-2 years. "It's likely there'll be a 10 to 20% drawdown in equity markets sometime in the n...