Executive Mosaic’s GovCon Index declined 0.40% to $5,524.24 following new headwinds. Major U.S. stock, led by the tech-heavy Nasdaq Composite (-1.01%), lost ground due to sudden headwinds. The Dow Jones Industrial Average (-0.75%) and S&P 500 (-0.76%) retreated from record highs.
The proposed cap on AI chip sales abroad and falling crude oil prices caused the selloff of oil majors and mega-cap tech stocks, including NVIDIA (Nasdaq: NVDA). Apple (Nasdaq: AAPL) rose 1.1% to a new record high following the launch of the newest iPad mini. UnitedHealth (NYSE: UNH) was the worst Dow Jones performer with -8.11% after lowering its profit guidance.
Decliners overwhelmed advancers on the GovCon Index, 23 to 7. Boeing (NYSE: BA) was the top gainer Tuesday, while V2X (NYSE: VVX) dropped 3.36% to lead the losers. Palantir Technologies (NYSE: PLTR), GCI’s top-performing stock thus far in 2024, dipped 2.23% to extend its losing streak to three days.
Boeing announced plans to shore up its finances by raising up to $25 billion through stock and debt offerings. According to some market analysts, the plane maker needs around $10 billion to $15 billion to maintain or preserve its investment-grade rating. The union strike is now in its second month.
Accenture’s (NYSE: ACN) subsidiary, Accenture Federal Services, launched the ‘Federal AI Solution Factory’ with Rapid Innovation Team or RIT, Google’s Public Sector, to accelerate the prototyping and piloting of AI-powered solutions for federal agencies. The partnership aims to develop and deploy impactful solutions for federal clients by turning the AI vision into reality.
Bloomberg reported that people in the know said the Biden administration is considering restricting the sale of advanced AI semiconductors produced by Nvidia and other U.S. firms in the interest of national security. Meanwhile, most earnings of reporting S&P 500 companies have beaten analysts’ estimates. The forecast is that of the 11 primary sectors, nine will report higher year-over-year earnings.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,524.24 | -22.02 | -0.40% |
| Dow Jones Industrial Average | 42,740.42 | -324.80 | -0.75% |
| NASDAQ | 18,315.59 | -187.10 | -1.01% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 152.35 | 3.36 | 2.26% |
| ACN | 368.66 | 4.06 | 1.11% |
| PSN | 108.6 | 0.77 | 0.71% |
| MRCY | 35.99 | 0.14 | 0.39% |
| RTX | 125.03 | 0.39 | 0.31% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 368.66 | 4.06 | 1.11% |
| BA | 152.35 | 3.36 | 2.26% |
| PSN | 108.6 | 0.77 | 0.71% |
| RTX | 125.03 | 0.39 | 0.31% |
| SAIC | 146.35 | 0.27 | 0.18% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 62.95 | -2.19 | -3.36% |
| KBR | 67.87 | -1.60 | -2.30% |
| PLTR | 42.43 | -0.97 | -2.23% |
| FLR | 50.47 | -1.14 | -2.21% |
| NOC | 526.93 | -7.14 | -1.34% |
