Executive Mosaic’s GovCon Index tanked 0.80% to close at $4,997.51. It was a record-setting day for the Nasdaq Composite (+1.77%) as the tech-heavy index finished above 20,000 points for the first time. The S&P 500 (+0.82%) regained strength, while the Dow Jones Industrial Average (-0.22%) is on a losing run for five days.
Google parent Alphabet (Nasdaq: GOOG) led the advance of large-cap tech stocks. Tesla (Nasdaq: TSLA) rose 5.93% to $424.77, a new record high and a sixth straight daily gain. UnitedHealth (NYSE: UNH) dropped to $533.53 (-5.6%), a five-year low. Healthcare (-1.3%) was Wednesday’s worst performer among 11 S&P 500 primary sectors.
Decliners Edged Gainers
Decliners edged gainers following Tuesday’s modest gain. The GovCon Index hasn’t fallen below $5,000 since July 15, 2024. The Carlyle Group (Nasdaq: CG) advanced 4.62% to lead 14 gainers. Booz Allen Hamilton (NYSE: BAH) and Leidos (NYSE: LDOS) lost more than 4% on the losing side.
Carlyle announced that its global investment firm Carlyle Europe Technology Partners and computer software company Team Viewer agreed to acquire 1E, a digital employee experience, or DEX management tools company. The cash-free, debt-free deal is worth $720 million.
Palantir Technologies launched its first Warp Speed cohort, which includes L3Harris Technologies (NYSE: LHX), Anduril Industries, Shield AI, and Panasonic Energy of North America. The group aims to enhance the manufacturing capabilities of the US with advanced technology and artificial intelligence.
The US Air Force awarded Leidos a $987 million firm-fixed-price, cost reimbursement, no-fee, cost-plus-fixed-fee, and indefinite-delivery/indefinite-quantity contract for F-16 Foreign Military Sales sustainment support.
Also, on Wednesday, the US Army awarded BAE Systems Land & Armaments a $656.2 million fixed-price-incentive contract to produce M2A4 and M7A4 vehicles.
Inflation Update
The consumer price index increased for the second month in a row on an annual basis to 2.7%. However, based on the government report, the core inflation rate of 3.3% in November is unchanged from October. The ultimate target is 2.0%. Still, economists expect a rate cut this month but forecast fewer in 2025.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,997.51 | -40.15 | -0.80% |
| NASDAQ | 20,034.89 | 347.65 | 1.77% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CG | 54.81 | 2.42 | 4.62% |
| MRCY | 39.19 | 1.10 | 2.89% |
| PLTR | 72.51 | 1.62 | 2.29% |
| BAESY | 60.91 | 0.96 | 1.60% |
| CW | 371.75 | 4.40 | 1.20% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 371.75 | 4.40 | 1.20% |
| CG | 54.81 | 2.42 | 4.62% |
| BA | 165.96 | 1.86 | 1.13% |
| PLTR | 72.51 | 1.62 | 2.29% |
| MRCY | 39.19 | 1.10 | 2.89% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 134.99 | -6.79 | -4.79% |
| LDOS | 153.55 | -6.61 | -4.13% |
| CACI | 430 | -14.49 | -3.26% |
| ICFI | 128.28 | -2.99 | -2.28% |
| SAIC | 113.47 | -2.49 | -2.15% |
