Executive Mosaic’s GovCon Index made an about-turn mid-week, ending 1.21% higher at $5,592.18. Wall Street turned positive, buoyed by strong corporate earnings reports. The S&P 500 (+0.47%) and Nasdaq Composite (+0.28%) posted modest gains, while the Dow Jones Industrial Average (+0.79%) gained 337.28 points to 43,077.70 for a new record close.
Encouraging quarterly results from banking giants and the recovery of tech stocks from Tuesday’s loss ignited the comeback. Morgan Stanley (NYSE: MS) and U.S. Bancorp (NYSE: USB) rose 6.5% and 4.7%, respectively. United Airlines (Nasdaq: UAL) showed the way with +12.44% after reporting impressive sales and profit numbers. Agilent Technologies (NYSE: A), down 3.78%, topped S&P 500 losers.
Fluor Corporation (NYSE: FLR) and 22 other stocks outperformed and powered the GovCon Index. Palantir Technologies (NYSE: PLTR) and Mercury Systems (Nasdaq: MRCY) declined more than 1% to lead seven underperformers. GCI’s second-best performer, ICF (Nasdaq: ICFI), advanced nearly 5%.
Multinational engineering and construction firm Fluor jumped 8.2% and hit a 52-week high of $55.75 in intra-day trading. Market analysts said the stock is rising as recovery from natural disasters like hurricanes begins. Consulting and technology services company ICF settled at $176.06, after hitting an intra-day high of $177.01.
Curtiss-Wright (NYSE: CW) congratulated X-Energy Reactor on its collaboration with Amazon in the largest commercial deployment target of small modular reactors, or SMRs, ever. The partners will generate and deliver over 5 gigawatts of new power projects across the U.S. by 2039. Curtiss-Wright has a preferred strategic supplier agreement with X-Energy to advance the design and deployment of the latter’s advanced reactor.
Also, on Wednesday, technical professional services firm Jacobs (NYSE: J) announced that Sydney Water had selected its joint venture with Seymour Whyte to provide engineering, procurement and construction management services for the Upper South Creek Networks Program in Western Sydney.
It has been a see-saw ride for U.S. stocks since the start of the week. Investors sentiment changes fast depending on headline news, corporate earnings results, and other data. Important economic reports coming out Thursday are initial jobless claims and U.S. retail sales.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,592.18 | 67.94 | 1.21% |
| Dow Jones Industrial Average | 43,077.70 | 337.28 | 0.79% |
| S&P 500 | 5,842.47 | 27.21 | 0.47% |
| NASDAQ | 18,367.08 | 51.49 | 0.28% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| FLR | 54.61 | 4.14 | 8.20% |
| ICFI | 176.06 | 8.06 | 4.80% |
| CW | 360.55 | 13.09 | 3.77% |
| AVAV | 220.23 | 6.12 | 2.86% |
| J | 141.23 | 2.89 | 2.09% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 360.55 | 13.09 | 3.77% |
| ICFI | 176.06 | 8.06 | 4.80% |
| LMT | 612.83 | 7.83 | 1.29% |
| AVAV | 220.23 | 6.12 | 2.86% |
| GD | 304.87 | 4.66 | 1.55% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 41.93 | -0.50 | -1.18% |
| MRCY | 35.61 | -0.38 | -1.06% |
| GIB | 114.71 | -0.72 | -0.62% |
| PSN | 108.14 | -0.46 | -0.42% |
| TTEK | 48.86 | -0.20 | -0.41% |
