Executive Mosaic’s GovCon Index rose 1.28% to $5,193.45, the second straight daily gain after a downward trend. The Dow Jones Industrial Average (+1.06%) and S&P 500 (+0.53%) surged, while the tech-heavy Nasdaq Composite (+0.03%) turned green following a tiny gain.
Super Micro Computer (Nasdaq: SMCI) popped 15.12% Thursday, stealing the thunder from Magnificent Seven stocks, including AI king NVIDIA (Nasdaq: NVDA). Alphabet (Nasdaq: GOOGL) declined 4.74% on news that the Justice Department told the Google parent to divest from its Chrome browser and end the monopoly in the search business.
Advancers dominate decliners
The GovCon Index gained momentum from Wednesday’s rebound as advancers dominated decliners, 22 to 8. The top four advancers, led by CACI (NYSE: CACI) and Parsons (NYSE: PSN), rose more than 4%. Maximus (NYSE: MMS), the worst performer, plunged nearly 7% to $74.89.
Booz Allen Hamilton (NYSE: BAH), an underperformer in recent days, climbed (+3.95%) for two days in a row The government and military contractor announced appointing Debra Dial to the Board of Directors. Before this appointment, Dial was senior vice president, chief accounting officer, and controller of AT&T (NYSE: T).
The Federal Aviation Administration announced plans to investigate Boeing (NYSE: BA) regarding safety issues with 737 MAX engines due to two bird strike incidents in 2023. Also, on Wednesday, the US Air Force awarded its Space & Security Division a $2.39 billion modification to a previously awarded contract for 15 additional KC-46A Pegasus aerial refueling tankers under Lot 11 procurement.
Raytheon, an RTX (NYSE: RTX) business, received a $185.8 million delivery order from the US Navy under a previously awarded performance-based contract to repair, upgrade, or replace 160 parts in two of the 13 major subsystems of the Aegis Weapon System.
Healthy labor market
The Department of Labor reported 213,000 initial jobless claims for the week ending Nov.16, a drop from 219,000 in the prior week. Thomas Simons, an economist at investment banking firm Jefferies, said, “The weekly claims report remains the best real-time monitor of labor market conditions.” He added that the seventh-month low figure indicates a healthy labor market.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,193.45 | 66.37 | 1.28% |
| Dow Jones Industrial Average | 43,870.35 | 461.88 | 1.06% |
| NASDAQ | 18,972.42 | 6.28 | 0.03% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 475.48 | 20.58 | 4.52% |
| PSN | 99.39 | 4.09 | 4.29% |
| FLR | 54.72 | 2.19 | 4.17% |
| KTOS | 26.24 | 1.02 | 4.04% |
| BAH | 149.88 | 5.69 | 3.95% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 475.48 | 20.58 | 4.52% |
| LMT | 542.01 | 7.28 | 1.36% |
| CW | 367.55 | 6.10 | 1.69% |
| BAH | 149.88 | 5.69 | 3.95% |
| HII | 195.3 | 5.05 | 2.65% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MMS | 74.96 | -5.57 | -6.92% |
| AVAV | 194.26 | -4.08 | -2.06% |
| BA | 143.41 | -2.67 | -1.83% |
| PLTR | 61.36 | -0.76 | -1.22% |
| VVX | 61.16 | -0.66 | -1.07% |
