Executive Mosaic’s GovCon Index is back in the red, slipping 0.99% to $134.27 following the sharp losses of three major US indexes. The Dow Jones Industrial Average registered its most significant one-day drop (388 points or -1.14%) since March this year, while the Nasdaq Composite and the S&P 500 Index declined 1.57% and 1.47%, respectively.
Among the factors impacting the market are further rate hikes by the Feds, a gloomy economic outlook, and a potential government shutdown if Congress fails to pass a spending bill by September 30, 2023.
Five of 30 GovCon Index constituents advanced, with Fluor Corporation (NYSE: FLR) and RTX Corporation gaining 0.39% and 0.29%, despite the market turbulence. Globalstar Inc. (NYSE: GSAT) and the Carlyle Group Inc (NYSE: CG) dipped 3.88% and 3.07% to lead the decliners. The top two advancers shared business updates on Tuesday.
Fluor Corporation’s subsidiary, Fluor Marine Propulsion LLC, has been granted a $1.36 billion cost-plus-fixed-fee modification to a previously awarded contract for the Naval Nuclear Propulsion work at the Naval Nuclear Laboratory. The contract should positively impact the company’s financial performance in the coming years.
RTX Corporation’s subsidiary, Pratt & Whitney, announced a 48,000 square-foot expansion of Eagle Services Asia (ESA). Its Singapore engine center handles multiple simultaneous engine overhaul lines for Pratt & Whitney and Engine Alliance engine models.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 134.27 | -1.33 | -0.99% |
| Dow Jones Industrial Average | 33,618.88 | -388.00 | -1.14% |
| S&P 500 | 4,273.53 | -63.91 | -1.47% |
| NASDAQ | 13,063.61 | -207.71 | -1.57% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| FLR | 36.33 | 0.14 | 0.39% |
| RTX | 72.26 | 0.21 | 0.29% |
| NOC | 426.58 | 1.01 | 0.24% |
| BAH | 108.33 | 0.24 | 0.22% |
| VVX | 50.56 | 0.10 | 0.20% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 426.58 | 1.01 | 0.24% |
| BAH | 108.33 | 0.24 | 0.22% |
| RTX | 72.26 | 0.21 | 0.29% |
| FLR | 36.33 | 0.14 | 0.39% |
| VVX | 50.56 | 0.10 | 0.20% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.24 | -0.05 | -3.88% |
| CG | 29.68 | -0.94 | -3.07% |
| TTEK | 151.71 | -3.94 | -2.53% |
| MMS | 74.67 | -1.68 | -2.20% |
| KBR | 58.42 | -1.26 | -2.11% |
