Executive Mosaic’s GovCon Index surged 1.46% to $5,462.91 for its third-straight daily gain. Market momentum is back on Wall Street on election day. Chip stocks lifted the tech-heavy Nasdaq Composite (+1.43%), while the Dow Jones Industrial Average (+1.02%) and S&P 500 (+1.23%) finished higher on upbeat corporate news.
Among Tuesday’s market movers, top and worst performers, were two GovCon Index stocks. The Magnificent Seven stocks led the tech rally. NVIDIA (Nasdaq: NVDA) and Apple (Nasdaq: AAPL) are alternating as the world’s most valuable company, although the iPhone maker stayed at number one at the closing bell.
Market movers
The GovCon Index had 29 gainers, bannered by Palantir Technologies’ (NYSE: PLTR) monster gain of +23.47%. Fluor Corporation (NYSE: FLR) and BAE Systems advanced over 3%, while five others rose more than 2%. Boeing (NYSE: BA) was the worst GCI and Dow Jones performer with -2.32%.
As reported Monday, Palantir Technology jumped 13.2% in after-hours trading. The data analytics firm reported record revenue and profit in Q3 2024 due to the booming AI demand. There was also robust demand from defense and intelligence agencies for secure AI applications. GCI’s top-performing stock is up nearly 198% year-to-date.
Boeing fell into red territory despite the end of the strike. The International Association of Machinists and Aerospace Workers approved the new labor contract. Union members can expect a 43% cumulative wage increase over the next four years. However, the plane maker needs to restart the business and find a path to profitability.
Mercury Systems (Nasdaq: MRCY) is on a three-day winning run. The stock rose 2.98% after the aerospace and defense reported improved quarterly results. In Q1 fiscal 2025 (three months ending Sept. 27, 2024) revenue climbed 11.5% year-over-year to $204.4 million, while net loss thinned 109.5% to $17.5 million compared to Q1 fiscal 2024.
Rate decision after elections
The Federal Open Market Committee will hold its eighth meeting this year after election day. Market analysts expect Fed Chairman Jerome Powell to announce a 25 basis-points cut on Thursday. Investors’ sentiment about the election results could influence the market’s movement mid-week.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,462.91 | 79.52 | 1.46% |
| Dow Jones Industrial Average | 42,221.88 | 427.28 | 1.02% |
| NASDAQ | 18,439.17 | 259.19 | 1.43% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 51.13 | 9.72 | 23.47% |
| FLR | 54.59 | 1.78 | 3.37% |
| BAESY | 66.69 | 2.14 | 3.32% |
| CW | 360.37 | 10.36 | 2.96% |
| MRCY | 34.19 | 0.94 | 2.83% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 564.94 | 11.67 | 2.11% |
| CW | 360.37 | 10.36 | 2.96% |
| PLTR | 51.13 | 9.72 | 23.47% |
| NOC | 512.9 | 5.46 | 1.08% |
| AVAV | 219.67 | 4.19 | 1.94% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 151 | -4.07 | -2.62% |
| ACN | 345.49 | 1.59 | 0.46% |
| HON | 208.78 | 1.24 | 0.60% |
| LMT | 546.75 | 3.65 | 0.67% |
| GIB | 112.79 | 0.88 | 0.79% |
