Executive Mosaic’s GovCon Index drooped lower for the second straight day (-0.26%), closing at $152.12. Wall Street turned red, with all three major indexes retreating. Energy stocks retreated mid-week and pulled down the Dow Jones (-0.19%) and S&P 500 (-0.39%). The Nasdaq Composite gave up 83.2 points or 0.58%.
Oil prices fell to its lowest on since June, with international standard Brent crude sinking to $74.3 per barrel. The West Texas Instrument settled at $069.38 per barrel. Industry analysts said the oil markets are more demand-focused now, negating the voluntary production cuts by OPEC+ members.
On the GovCon side, AeroVironment (Nasdaq: AVAV) and Palantir Technologies (NYSE: PLTR) pulled down the GCI, dropping 10.15% and 6.39%, respectively. Drone maker AeroVironment fell despite beating earnings estimates for its fiscal second quarter.
After the sharp drop, Palantir’s year-to-date gain remains sizeable at 166.82%. HII (NYSE: HII) and Boeing (NYSE: BA) led 14 gainers.
Meanwhile, the ADP report showed that the 103,000 private payrolls in November were below the 128,000 Dow Jones estimate. Investors continue to look for signs that interest rate cuts could come sooner rather than later. More labor-related reports, such as initial jobless claims and U.S. employment report for November, are coming out this week.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 152.12 | -0.39 | -0.26% |
| Dow Jones Industrial Average | 36,054.43 | -70.13 | -0.19% |
| S&P 500 | 4,549.34 | -17.84 | -0.39% |
| NASDAQ | 14,146.71 | -83.20 | -0.58% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 243.59 | 3.11 | 1.29% |
| BA | 236.89 | 2.73 | 1.17% |
| J | 128.8 | 1.16 | 0.91% |
| NOC | 480.29 | 3.68 | 0.77% |
| LMT | 449.41 | 3.17 | 0.71% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 480.29 | 3.68 | 0.77% |
| LMT | 449.41 | 3.17 | 0.71% |
| HII | 243.59 | 3.11 | 1.29% |
| BA | 236.89 | 2.73 | 1.17% |
| J | 128.8 | 1.16 | 0.91% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 126.89 | -14.34 | -10.15% |
| PLTR | 17.13 | -1.17 | -6.39% |
| VVX | 42.92 | -0.93 | -2.12% |
| FLR | 37.43 | -0.79 | -2.07% |
| BAESY | 52.19 | -0.91 | -1.71% |
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