Executive Mosaic’s GovCon Index ended higher at $4,911.63 (+0.41%), a positive start after the Christmas break. The Dow Jones Industrial Average (+0.07%) rose on a slim gain, while the Nasdaq Composite (-0.05%) and S&P 500 (-0.04%) closed slightly below the flat line.
Apple (Nasdaq: AAPL) hit an all-time of $259.02 after analysts raised their price target to $325. The iPhone maker is also on the cusp of hitting $4 trillion in market cap. Consumer defensive stocks Target (NYSE: TGT) and Dollar Tree (Nasdaq: DLTR) were among the market movers amid thin trading Thursday.
Second-straight daily gain
The GovCon Index advanced before and after Christmas Day to register a second straight daily gain. Mercury Systems (Nasdaq: MRCY) rose 3.22% to lead 26 gainers, including three others with more than 1% gains. Palantir Technologies (Nasdaq: PLTR) and Accenture (NYSE: ACN) topped the losing bunch.
Besides Palantir Technologies, market analysts see Accenture benefitting from the increasing demand for artificial intelligence. The global multinational professional services company provides AI-driven services such as data and AI, automation, and intelligent platforms to various sectors. It carries a buy rating because of Gen-AI growth optimism.
The Naval Sea Systems Command awarded shipbuilder HII (NYSE: HII) a $31.9 billion contract to provide support and ancillary equipment for producing the Lionfish Small Unmanned Undersea Vehicle or SUUV. GCI members like Boeing (NYSE: BA) and BAE Systems are expected to capitalize on the opportunities in the growing unmanned sea systems market.
Cooling labor market
The Department of Labor reported Thursday 1.91 million unemployment benefit applications for the week ending Dec. 14, the highest in more than three years. However, initial jobless claims in the week ending Dec. 19 were 219,000 compared to the forecasted 223,000. The latest data shows a cooling labor market.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,911.63 | 19.91 | 0.41% |
| Dow Jones Industrial Average | 43,325.80 | 28.77 | 0.07% |
| NASDAQ | 20,020.36 | -10.77 | -0.05% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MRCY | 41.99 | 1.31 | 3.22% |
| CG | 51.98 | 0.80 | 1.56% |
| ICFI | 119.15 | 1.56 | 1.33% |
| HON | 231.86 | 2.96 | 1.29% |
| AVAV | 161.5 | 1.38 | 0.86% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 408.03 | 3.15 | 0.78% |
| HON | 231.86 | 2.96 | 1.29% |
| LMT | 489.98 | 1.85 | 0.38% |
| CW | 363.08 | 1.81 | 0.50% |
| ICFI | 119.15 | 1.56 | 1.33% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HII | 191.83 | -0.63 | -0.33% |
| ACN | 360.43 | -1.20 | -0.33% |
| PLTR | 82.14 | -0.24 | -0.29% |
| FLR | 50.67 | -0.02 | -0.04% |
| GIB | 110.34 | 0.02 | 0.02% |
