Executive Mosaic’s GovCon Index had its worst single-day performance, dropping 2.15% to $5,108.61. The rout of U.S. stocks that began Aug. 1 entered its third day with the Nasdaq Composite plunging 3.43%. It was the worst day for the S&P 500 (-3.0%) since 2022, while the Dow Jones Industrial Average (-2.6%) fell to a seven-week low.
Market momentum was gone Monday, as 93% of NYSE stocks and 88% of Nasdaq components finished in the red. The day’s top losers, Walgreens Boots Alliance (Nasdaq: WBA), Intel (Nasdaq: INTC), Etsy (Nasdaq: ETSY), and Caesar’s Entertainment (Nasdaq: CZR), declined more than 6%. Kellanova (NYSE: K) leaped 16.23% on news of a potential sale of the Eggo Waffles maker to Mars of M&Ms.
Only Booz Allen Hamilton (NYSE: BAH) and Parsons (NYSE: PSN) on the GovCon Index had positive gains in starting a new trading week. Carlyle Group (Nasdaq: CG) and ICF (Nasdaq: ICFI) were the worst performers among 28 decliners, with -7.51% and -4.68%.
Booz Allen stayed green due to the successful deployment and operation last week of its generative AI large language model onboard the International Space Station National Lab. The AI provider to the U.S. federal government used Hewlett Packard’s (NYSE: HPE) Spaceborne Computer-2.
Carlyle sunk after it reported a 12% year-over-year drop in distributable earnings to $343.2 million in Q2 2024. The private equity firm also announced plans to sell natural gas producer Cogentrix Energy to Quantum Capital Group for up to $3 billion.
The U.S. Navy awarded General Dynamics Electric Boat Corp., a General Dynamics (NYSE: GD) subsidiary, a not-to-exceed $1.32 billion undefinitized contract action modification to a previously awarded contract. The contract relates to the economic ordering of quantity material for the planned Virginia Class Block VI submarines and ensuring the health and stability of the Navy’s industrial base.
Textron Systems, a business of Textron (NYSE: TXT), secured a $72.25 million cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract for Mine Countermeasures Unmanned Surface Vehicle support services with the U.S. Navy.
Rising recession worries in the U.S. extended to global markets. The Cboe Volatility Index, investors’ fear gauge, rose to 65.73 before the market opened. It was the highest reading since October 2020. Some market analysts believe market volatility could lessen once the Feds cut interest rates.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,108.61 | -109.58 | -2.15% |
| Dow Jones Industrial Average | 38,703.27 | -1033.99 | -2.60% |
| S&P 500 | 5,186.33 | -160.23 | -3.00% |
| NASDAQ | 16,200.08 | -576.08 | -3.43% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 144.64 | 0.66 | 0.46% |
| PSN | 89.16 | 0.34 | 0.38% |
| NOC | 492.63 | -1.92 | -0.39% |
| LMT | 545.38 | -3.39 | -0.62% |
| RTX | 115.17 | -1.27 | -1.09% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 144.64 | 0.66 | 0.46% |
| PSN | 89.16 | 0.34 | 0.38% |
| PLTR | 24.09 | -0.65 | -2.63% |
| KTOS | 20.25 | -0.73 | -3.48% |
| MRCY | 32.87 | -0.81 | -2.40% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CG | 40.91 | -3.32 | -7.51% |
| ICFI | 152.9 | -7.51 | -4.68% |
| CW | 265.18 | -10.80 | -3.91% |
| CACI | 443.43 | -17.69 | -3.84% |
| MMS | 87.96 | -3.42 | -3.74% |
