Executive Mosaic’s GovCon Index rose 0.40% to $145.90 on the resumption of trading after the holiday. The Dow Jones Industrial Average and the S&P 500 posted modest gains, while the losses in the tech sector pulled down the Nasdaq Composite (-11%). Nearly 63% of the constituents of the tech-heavy index advanced on mid-week or before Thanksgiving Day.
Nevertheless, the Big Three indexes registered their fourth consecutive positive week at the close of the shortened trading session. NVIDIA (Nasdaq: NVDA) fell for the second straight day as an offshoot of an important announcement. The semiconductor maker will delay the launch of a new artificial intelligence (AI) chip for China in compliance with U.S. export restrictions.
Globalstar (NYSE: GSAT) and V2X (NYSE: VVX) on the GovCon Index climbed more than 3% to lead 25 gainers. Palantir Technologies (NYSE: PLTR) declined almost 2.5% to $19.20, extending its losing streak to two days.
Palantir rose to prominence in May this year after launching its AI platform for militaries and companies. However, the share price dropped on Friday despite winning a seven-year U.K. National Health Service (NHS) contract worth $144 million. Based on published reports, the security of medical records is a major concern.
Meanwhile, the meeting of OPEC+ members to discuss production quotas or cuts did not push through over the weekend. The oil cartel will meet online instead of in-person on Thursday, Nov. 30, 2023. Saudi Arabia sees the need for additional production cuts to arrest the continued downward spiral of oil prices.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 145.90 | 0.58 | 0.40% |
| Dow Jones Industrial Average | 35,390.15 | 117.12 | 0.33% |
| S&P 500 | 4,559.34 | 2.72 | 0.06% |
| NASDAQ | 14,250.85 | -15.01 | -0.11% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GSAT | 1.53 | 0.05 | 3.38% |
| VVX | 44.44 | 1.34 | 3.11% |
| BAESY | 54.32 | 1.01 | 1.89% |
| LHX | 191.01 | 3.18 | 1.69% |
| ICFI | 131.93 | 1.96 | 1.51% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LHX | 191.01 | 3.18 | 1.69% |
| ICFI | 131.93 | 1.96 | 1.51% |
| NOC | 471.52 | 1.94 | 0.41% |
| LMT | 452.01 | 1.61 | 0.36% |
| CACI | 324.87 | 1.45 | 0.45% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 19.2 | -0.49 | -2.49% |
| J | 123.37 | -0.59 | -0.48% |
| GIB | 101.24 | -0.18 | -0.18% |
| KBR | 52.27 | -0.06 | -0.11% |
| FLR | 37.9 | -0.03 | -0.08% |
