Executive Mosaic’s GovCon Index dropped 1.15% to $5,101.31, matching its longest losing streak. However, the index has lost 9.77% in five consecutive sessions compared to -2.09% in the losing run five months ago. Uncertainty over possible changes in the government contracting industry in 2025 continues to weigh on GCI constituents.
Wall Street’s top benchmarks finished mixed, with the Nasdaq Composite (+0.60%) and S&P 500 (+0.39%) ending positive. The blue-chip Dow Jones Industrial (-0.13%) declined for the third consecutive trading day. Super Micro Computer (Nasdaq: SMCI) led S&P and Nasdaq gainers with +15.93%. Investors await the Q3 2024 results of artificial intelligence leader NVIDIA (Nasdaq: NVDA) on Nov. 20.
GovCon Index Downward trend
The GovCon Index recorded its first longest losing streak from June 25 to July 1, although the current downward trend could extend further. Ten stocks finished in positive territory to start the week. Boeing (NYSE: BA) and CGI (NYSE: GIB) advanced more than 2% to lead advancers. Palantir Technologies (NYSE: PLTR) and Booz Allen Hamilton (NYSE: BAH) dropped the most among 20 underperformers.
Palantir Technologies jumped +11.48% to a record close of $65.77 last Friday but pulled back following profit-taking by investors. The data analytics firm joined the S&P 500 Index on Sept. 23 and announced the AI stock will move its trading site to the Nasdaq exchange on Nov. 26. Meanwhile, Booz Allen Hamilton is on a six-day losing streak, a -23.2% loss overall during the period.
Boeing was on the leaderboard despite the start of sweeping job layoffs. According to the plane marker’s CEO, Kelly Ortberg, the move is about trimming overstaffing, not a fallout from the union strike. The plan is to cut 10% of the total workforce. On a year-to-date basis, the stock is down -44.81%.
The US Navy awarded Lockheed Martin Rotary and Mission Systems, a Lockheed Martin (NYSE: LMT) business, an $83.3 million firm-fixed-price, performance-based, logistics requirements, supply contract for logistics, repair, and spare support for the 161 AEGIS MK-41 vertical launch system components.
Earnings Season Winding Down
The Q3 2024 earnings season is winding down. As of Nov. 15, around 93% of S&P 500 companies reported actual quarterly results, and 61% reported positive revenue. FactSet notes that the top six revenue and earnings growth contributors, including NVIDIA and Meta Platforms (Nasdaq: META), had more international revenue exposure.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,101.31 | -58.76 | -1.15% |
| Dow Jones Industrial Average | 43,389.60 | -55.39 | -0.13% |
| NASDAQ | 18,791.81 | 111.69 | 0.60% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 143.87 | 3.68 | 2.63% |
| GIB | 109.57 | 2.18 | 2.03% |
| FLR | 52.95 | 1.03 | 1.98% |
| HII | 196.3 | 2.74 | 1.42% |
| BAESY | 65.59 | 0.67 | 1.03% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 143.87 | 3.68 | 2.63% |
| HII | 196.3 | 2.74 | 1.42% |
| GIB | 109.57 | 2.18 | 2.03% |
| FLR | 52.95 | 1.03 | 1.98% |
| RTX | 119.39 | 0.86 | 0.73% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 61.26 | -4.51 | -6.86% |
| BAH | 140.54 | -8.85 | -5.92% |
| CACI | 448 | -22.79 | -4.84% |
| PSN | 94.37 | -3.03 | -3.11% |
| SAIC | 120.03 | -2.37 | -1.94% |
