Executive Mosaic’s GovCon Index sunk 0.75% to $5,125.87, nearly the same percentage drop Monday. The Dow Jones Industrial Average (-0.17%) also closed lower for the second straight day, while the Nasdaq Composite (+0.40%) and S&P 500 (+0.05%) hit new record highs on modest gains.
Stellar Performer
The GovCon Index had 20 decliners compared to nine advancers. AeroVironment (Nasdaq: AVAV) fell nearly 5%, while Leidos Holdings (NYSE: LDOS) was flat. Palantir Technologies (NYSE: PLTR), the top GCI and S&P 500 performer, rose +6.88% to $70.96. Following a new US government security designation, the data analytics firm will soon handle sensitive workloads.
On Tuesday, Palantir Technologies announced that Palantir Federal Cloud Service and Palantir Federal Cloud Service – Supporting Services received FedRAMP High Authorization. Market analysts note the company’s deepening ties with government agencies. The AI stock’s year-to-date gain jumped to +313.28%.
The US Navy awarded BAE Systems Technology Solutions & Services a $111.8 million cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract. The British defense contractor will provide engineering and technical services to support radio communication, combat, and reconnaissance systems aboard Navy surface combatants and at associated shore sites.
Market Boosters
The increase in job openings at the end of October was a tailwind for US stocks. According to Raymond James, the chief economist at Eugenio Alema, the 7.74 million jobs from 7.37 million in the prior month indicates a softening, not collapsing, labor demand. The November jobs report is due Friday.
Comments from US Feds, notably Fed governor Adriana Kugler, also boosted the equities market. “The labor market remains solid, and inflation appears to be on a sustainable path to our 2% goal, even if there have been some bumps along the way,” she said. The CME FedWatch tool and prediction site Kalshi sees a 72% and 73% chance of a 25-basis point cut this month.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,125.87 | ||
| Dow Jones Industrial Average | 44,705.53 | ||
| NASDAQ | 19,480.91 |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 70.96 | ||
| TTEK | 42.34 | ||
| VVX | 60.07 | ||
| CW | 371.01 | ||
| BAESY | 63.85 |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 70.96 | ||
| CW | 371.01 | ||
| GD | 277.42 | ||
| TTEK | 42.34 | ||
| VVX | 60.07 |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 193.1 | ||
| ACN | 352.54 | ||
| MRCY | 39.14 | ||
| KTOS | 26.36 | ||
| BAH | 146.04 |
