Executive Mosaic’s GovCon Index slipped -0.56% to $4,867.67, ending its two-day recovery rally. However, Palantir Technologies (Nasdaq: PLTR), its top-performing stock in 2024, soared in after-hours trading. The top three U.S. benchmarks closed lower due to a looming trade war with Canada, Mexico and China.
The Nasdaq Composite declined -1.20% as mega-cap tech stocks retreated. Only Facebook parent Meta (Nasdaq: META) among the Magnificent Seven stocks ended positive. Electric vehicle maker Tesla (Nasdaq: TSLA) tanked -5.2%, while shares of leading automakers, including General Motors (NYSE: GM), declined because of tariff uncertainty.
Soaring GCI Stock
The GovCon Index had more decliners than gainers to start a new trading month. Tetra Tech (Nasdaq: TTEK) topped 19 underperformers. Other Nasdaq components, AeroVironment (Nasdaq: AVAV) and the Carlyle Group (Nasdaq: CG) plunged by -3.5% or more.
However, Palantir Technologies (Nasdaq: PLTR) bucked the negative market sentiment, leading 11 gainers. Besides advancing +1.52% to a new closing high of $83.74, the AI stock jumped +24.01% in after-hours trading to $103.25. The big data analytics firm impressed investors with its 36% and 29% year-over-year revenue growth in Q4 and full-year 2024, as well as a record U.S. commercial total contract value of $803 million.
Tetra Tech tanked -7.04% despite presenting strong Q1 fiscal 2025 results. In the three months ending Dec. 29, 2024, revenue and adjusted operating income increased 16% and 24% to $1.42 billion and $138 million compared to Q1 fiscal 2024. The total backlog rose 15% year-over-year to a record $5.44 billion. Moreover, the Board approved a 12% dividend hike for its 43rd consecutive quarterly dividend payable on Feb. 26, 2025.
AeroVironment announced receiving a $288 million delivery order, representing the third order of the Switchblade loitering munition systems under the five-year, $990 million indefinite delivery, indefinite quantity contract with the U.S. Army.
Wall Street Reprieve
Wall Street got a reprieve after U.S. President Donald J. Trump postponed imposing tariffs on Canada and Mexico by one month. The leaders of both countries pledged to enhance border security, combat drug trafficking and guard against money laundering. Several Federal Reserve officials warn that uncertainty over trade policies could slow rate cuts in 2025.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,867.67 | -27.39 | -0.56% |
| NASDAQ | 19,391.96 | -235.48 | -1.20% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 83.74 | 1.25 | 1.52% |
| BAESY | 61.5 | 0.71 | 1.17% |
| ICFI | 117.74 | 1.03 | 0.88% |
| RTX | 129.92 | 0.97 | 0.75% |
| MRCY | 41.99 | 0.30 | 0.72% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 83.74 | 1.25 | 1.52% |
| ICFI | 117.74 | 1.03 | 0.88% |
| RTX | 129.92 | 0.97 | 0.75% |
| LHX | 212.78 | 0.77 | 0.36% |
| BAESY | 61.5 | 0.71 | 1.17% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 34.21 | -2.59 | -7.04% |
| AVAV | 172.98 | -7.17 | -3.98% |
| CG | 54.18 | -1.98 | -3.53% |
| PSN | 77.36 | -1.91 | -2.41% |
| FLR | 47.14 | -1.07 | -2.22% |
