Executive Mosaic’s GovCon Index wrapped up lower at $4,877.81 (-0.69%) for another daily loss in December. All three major US indexes slipped, triggered by the selloff in Big Tech stocks. The Nasdaq Composite (-1.49%), S&P 500 (-1.11%), and the Dow Jones Industrial Average (-0.77%) tumbled as a result.
Another daily loss
The GovCon Index registered its 12th daily loss in 19 trading days this month after 28 constituents fell by the wayside. Only BAE Systems and Boeing (NYSE: BA) had positive returns on Friday. Palantir Technologies (Nasdaq: PLTR), the newest Nasdaq 100 Index, dropped -3.73% to lead 28 decliners. The AI stock closed lower at $79.08 from its record-high of $82.38 before Christmas Day.
BAE Systems sustained its momentum from Dec. 24, extending its winning streak to three days. The British aerospace, defense and information security company, recently received a $68 million contract from the US Army to manufacture 44 additional Beowulf Cold Weather All-Terrain Vehicles or CATVs. This order is part of a seven-year program that started in 2022.
RTX (NYSE: RTX) secured a $946.4 million modification contract with the US Army Contracting Command. The aerospace and defense company will provide hardware, software and services to produce the Patriot missile program. Given the contract’s expiration by year-end of 2029, RTX has consistent revenue streams for the next five years.
Stalled rally
Wall Street’s Santa Claus rally has stalled as all 11 S&P 500 primary sectors ended in the red. The broad index recorded its best Christmas Eve performance only three days ago. AI king NVIDIA (Nasdaq: NVDA) was the worst Dow Jones performer. The ten-year Treasury yield spiked to above 4.6%, although market analysts forecast the yield to hover between 4% and 4.5% in 2025.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,877.81 | -33.82 | -0.69% |
| Dow Jones Industrial Average | 42,992.21 | -333.59 | -0.77% |
| S&P 500 | 5,970.84 | -66.75 | -1.11% |
| NASDAQ | 19,722.03 | -298.33 | -1.49% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 58.07 | 0.28 | 0.48% |
| BA | 180.72 | 0.34 | 0.19% |
| NOC | 471.35 | -0.88 | -0.19% |
| LMT | 488.97 | -1.01 | -0.21% |
| GD | 266.14 | -0.64 | -0.24% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 180.72 | 0.34 | 0.19% |
| BAESY | 58.07 | 0.28 | 0.48% |
| MRCY | 41.85 | -0.14 | -0.33% |
| TXT | 77.21 | -0.19 | -0.25% |
| KTOS | 26.52 | -0.23 | -0.86% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 79.08 | -3.06 | -3.73% |
| AVAV | 157.66 | -3.84 | -2.38% |
| CG | 50.87 | -1.11 | -2.14% |
| FLR | 50.06 | -0.61 | -1.20% |
| VVX | 46.98 | -0.57 | -1.20% |
