Executive Mosaic’s GovCon Index ticked lower 0.29% lower to $4,792.89 at the close, while the major US indexes registered sharp declines. The Nasdaq Composite (-1.89%) and S&P 500 (-1.11%) reversed course and ended their winning streaks, while the Dow Jones Industrial Average (-0.42%) lost steam.
All Magnificent Seven stocks, led by AI chipmaker NVIDIA (Nasdaq: NVDA), fell in the red zone. However, Moderna (Nasdaq: MRNA) in the healthcare stock jumped 11.7% on the news of the first fatality from the bird flu. The pharmaceutical and biotechnology company is developing an experimental vaccine to protect against H5N1 or the bird flu virus.
Struggle continues
While Tuesday’s loss was modest, the GovCon Index continues to struggle. Only a dozen stocks posted gains compared to 22 underperformers. The top three gainers, Accenture (NYSE: ACN), HII (NYSE: HII), and Boeing (NYSE: BA), advanced more than 1%.
Accenture launched AI Refinery for Industry, a platform built on NVIDIA AI Enterprise software with 12 industry agent solutions to help organizations deploy AI agent networks. The global multinational professional services company will also acquire a digital twin technology platform for banks of Singapore-based fintech company Percipient to enhance its banking modernization capabilities.
Palantir Technologies (Nasdaq: PLTR) was the worst performer for the second straight day. The AI stock has lost 12.4% in two days following Monday’s underweight rating by Morgan Stanley (NYSE: MS), citing elevated valuation.
Meanwhile, ICF (Nasdaq: ICFI) arrested its three-day skid. The global consulting and technology services provider announced that it has acquired Applied Energy Group from Ameresco (NYSE: AMRC). AEG provides technology and advisory solutions to electric and gas utilities, state and local governments, and state energy offices in the US. Its cloud-based platform offers real-time business intelligence and analytics.
Unexpected headwind
The headwind on Wall Street was the unexpected rise in employment numbers in November 2024 and the highest figure since May. Based on the Bureau of Labor Statistics data, job openings rose to 8.1 million from 7.8 million in October. Market analysts say a resilient labor market will reduce the chances of more rate cuts this year.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,792.89 | -13.67 | -0.29% |
| Dow Jones Industrial Average | 42,528.36 | -178.20 | -0.42% |
| NASDAQ | 19,489.68 | -375.30 | -1.89% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 356.39 | 5.06 | 1.44% |
| HII | 189.05 | 2.35 | 1.26% |
| BA | 172.51 | 1.73 | 1.01% |
| BAESY | 57.37 | 0.42 | 0.74% |
| GD | 259.65 | 1.66 | 0.64% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 356.39 | 5.06 | 1.44% |
| HII | 189.05 | 2.35 | 1.26% |
| BA | 172.51 | 1.73 | 1.01% |
| GD | 259.65 | 1.66 | 0.64% |
| ICFI | 116.06 | 0.71 | 0.62% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 69.99 | -5.93 | -7.81% |
| KTOS | 28.61 | -0.92 | -3.12% |
| FLR | 50.54 | -1.14 | -2.21% |
| CG | 51.55 | -1.15 | -2.18% |
| PSN | 90.54 | -1.54 | -1.67% |
