Executive Mosaic’s GovCon Index reversed course from Monday’s tumble, finishing at $5,459.73 (+0.44%). Wall Street rebounded as the Nasdaq Composite (+1.45%) and S&P 500 (+0.97%) staged a comeback. The blue-chip Dow Jones Industrial Average (+0.30%) added 126 points.
The recovery of large-cap tech stocks from a steep downturn lifted the Nasdaq Composite. Besides its 4.05% gain, NVIDIA’s (Nasdaq: NVDA) market cap rose to $3.26 trillion and is now the second-largest company by market capitalization. Microsoft (Nasdaq: MSFT) fell to the third spot in the exclusive club.
The tide turned on the GovCon Index as gainers edged decliners, 16 to 14. Palantir Technologies (NYSE: PLTR) topped advancers with +6.58%, while second placer Tetra Tech (Nasdaq: TTEK) rose 3.48%. RTX (NYSE: RTX) was the worst performer, sliding 1.24%.
Palantir cemented its position as the top-performing GCI constituent. The AI stock’s year-to-date gain has risen to 141.41% following Tuesday’s breakout. Ark Invest Europe gave the data analytics software firm a boost. Its managing director, Rahul Bhushan, said Palantir is well-positioned to take AI market share from mega-cap tech stocks.
The U.S. Navy awarded General Dynamics Electric Boat, a General Dynamics (NYSE: GD) subsidiary, an $878 million contract modification for additional material in support of the planned Virginia Class submarines SSN 812 and SSN 813.
Also, on Tuesday, the Army awarded Textron‘s (NYSE: TXT) subsidiary, Bell Textron, a $37.7 million firm-fixed-price contract for Bell 412 EPX commercial aircraft. Meanwhile, the Air Force awarded Northrop Grumman Systems, a Northrop Grumman (NYSE: NOC) business, a $25.6 million contract modification for equipment replenishment spares.
There were no significant economic reports Tuesday as investors await a new earnings season. The presentation of Q3 2024 results kicks off on Friday.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,459.73 | 23.77 | 0.44% |
| Dow Jones Industrial Average | 42,080.37 | 126.13 | 0.30% |
| NASDAQ | 18,182.92 | 259.02 | 1.45% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 41.45 | 2.56 | 6.58% |
| TTEK | 49.68 | 1.67 | 3.48% |
| HON | 207 | 3.67 | 1.80% |
| ICFI | 168.2 | 2.26 | 1.36% |
| AVAV | 207.8 | 2.52 | 1.23% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 512.36 | 6.00 | 1.18% |
| HON | 207 | 3.67 | 1.80% |
| ACN | 360.38 | 3.58 | 1.00% |
| CW | 338.12 | 3.04 | 0.91% |
| PLTR | 41.45 | 2.56 | 6.58% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| RTX | 123.5 | -1.55 | -1.24% |
| TXT | 84.99 | -0.79 | -0.92% |
| BA | 154.65 | -1.26 | -0.81% |
| SAIC | 143.16 | -0.86 | -0.60% |
| J | 137.35 | -0.62 | -0.45% |
