Executive Mosaic’s GovCon Index declined -0.87% to $4,548.43 after the midweek surge. Because of on and off tariff announcements, Wall Street’s major indexes flashed red. The Nasdaq Composite (-2.61%) fell into correction territory, while the broad S&P 500 (-1.78%) sunk to its lowest level since Nov. 2024.
Large-cap tech stocks Marvell Technology (Nasdaq: MRVL) and MongoDB (Nasdaq: MDB) plunged -19.81% and -26.94%, respectively. Broadcom (Nasdaq: AVGO) tanked -6.33% but rose +12.82% in after-hours trading. The semiconductor supplier reported a 25% year-over-year revenue growth in Q1 fiscal 2025.
Decliners beat gainers
The situation reversed on the GovCon Index following Wednesday’s big gain. Palantir Technologies (Nasdaq: PLTR) and Carlyle Group (Nasdaq: CG) led 22 decliners. L3Harris Technologies (NYSE: LHX) and seven other stocks advanced with modest gains.
AI stock Palantir Technologies dropped -10.73% to $80.46 and has lost -35.4% since hitting a new all-time of $124.62 on Feb. 18. Carlyle declined -5.65% despite announcing plans to expand its wealth assets in India wealth assets in India’s asset management sector by pursuing acquisitions. Both stocks have continued to spike and dip since the last week of Feb.
On the contracting side, the U.S. Air Force awarded Lockheed Martin Aeronautics, a Lockheed Martin (NYSE: LMT) division, a ceiling $265.9 million undefinitized contract action for F-16 System Program Office Foreign Military Sales support. The contract provides an operational flight program update and transfer of F-16 aircraft from Denmark to Argentina.
Also, on Thursday, the U.S. Air Force awarded Boeing (NYSE: BA) Oklahoma City, Oklahoma, has been awarded an $84.6 million contract modification to a previously awarded contract for the Japan E-767 Airborne Warning and Control System Mission computing upgrade installation and checkout.
Tariff confusion
Some market analysts say the selloff could be due to trade policy fatigue, if not confusion. Keith Lerner, chief market strategist at Truist, said, “That confusion is permeating into the day-to-day swings of the market.”
Meanwhile, Philadelphia Federal Reserve Bank President Patrick Harker warns of trouble brewing as signs of stress are beginning to show in the U.S. economy. “Unemployment still low, still getting growth, but there are threats to this. We’re starting to see that confidence is starting to wane on both the consumer and business fronts, said Harker.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,548.43 | -39.43 | -0.87% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LHX | 213.79 | 3.26 | 1.55% |
| TXT | 73.37 | 1.00 | 1.38% |
| HON | 211.26 | 1.64 | 0.78% |
| GD | 264.55 | 1.59 | 0.60% |
| LMT | 461.5 | 1.08 | 0.23% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LHX | 213.79 | 3.26 | 1.55% |
| HON | 211.26 | 1.64 | 0.78% |
| GD | 264.55 | 1.59 | 0.60% |
| LMT | 461.5 | 1.08 | 0.23% |
| NOC | 475.2 | 1.00 | 0.21% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 80.46 | -9.67 | -10.73% |
| CG | 43.55 | -2.61 | -5.65% |
| KTOS | 26.88 | -0.93 | -3.34% |
| CW | 313.65 | -10.22 | -3.16% |
| BA | 158.43 | -4.73 | -2.90% |
