Executive Mosaic’s GovCon Index rose 0.76% to $5,165.07, arresting its early December skid. The Dow Jones Industrial Average (+0.69%) rebounded too and joined the Nasdaq Composite (+1.3%) and S&P 500 (+0.61%) in posting record intraday and new closing highs mid-week.
Large-cap tech stocks, including the Magnificent Seven, were the top market movers. Semiconductor maker Marvell Technology (Nasdaq: MRVL) led the tech-heavy index with +23.19%, while Salesforce (NYSE: CRM) topped the S&P 500 companies with +10.99%.
Federal Reserve Chairman Jerome Powell’s comments at a New York Times event Wednesday lifted investors’ confidence. “The US economy is in very good shape, and there’s no reason for that not to continue,” he said. However, expect the central bank to be more cautious about rate decisions.
Strong rebound
The GovCon Index rebounded after falling 0.75% in each of the first two trading days of the month. Kratos Defense & Security Solutions (Nasdaq: KTOS) and Parsons (NYSE: PSN) gained the most among the 24 advancers. Palantir Technologies (Nasdaq: PLTR) and five other GCI stocks finished in red territory.
Parsons announced an exclusive partnership with Globalstar (NYSEAM: GSAT). The partnership of the tech-focused defense and infrastructure engineering firm and the American telecommunications company will support the public, government, and defense sectors. Parsons’ software-defined satellite communications solution uses Globalstar’s Low Earth Orbit, or LEO satellite constellation.
Palantir Technologies fell 1.56% due to profit-taking. On Tuesday, the federal government granted the software and data analytics company a FedRAMP High Authorization for cloud services. Its cloud service passed the US government’s stringent security requirements.
Business development
Fluor Corporation (NYSE: FLR), signed a front-end engineering and design, or FEED, contract with Heidelberg Materials for the latter’s GeZero project in Germany. The US multinational engineering and construction firm did not disclose the contract value of the flagship project.
Accenture (NYSE: ACN) will acquire AOX, a German company specializing in embedded software for car manufacturers and suppliers. According to the global multinational professional services company, AOX’s software expertise in the auto market will enhance its capabilities in helping automotive clients transition to software-defined vehicles.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,165.07 | 39.20 | 0.76% |
| NASDAQ | 19,735.12 | 254.21 | 1.30% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 27.95 | 1.59 | 6.03% |
| PSN | 99.05 | 4.30 | 4.54% |
| FLR | 56.05 | 1.35 | 2.47% |
| CW | 379.18 | 8.17 | 2.20% |
| ACN | 360.03 | 7.49 | 2.12% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 379.18 | 8.17 | 2.20% |
| ACN | 360.03 | 7.49 | 2.12% |
| PSN | 99.05 | 4.30 | 4.54% |
| AVAV | 196.89 | 3.79 | 1.96% |
| BA | 158.28 | 3.28 | 2.12% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 69.85 | -1.11 | -1.56% |
| BAH | 144.47 | -1.57 | -1.08% |
| ICFI | 135 | -0.38 | -0.28% |
| VVX | 59.9 | -0.17 | -0.28% |
| TXT | 85.07 | -0.11 | -0.13% |
