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February 6 Market Report: Executive Mosaic’s GovCon Index Advances, GCI Stock Shines!

February 6 Market Report: Executive Mosaic’s GovCon Index Advance, GCI Stock Shines!

Executive Mosaic’s GovCon Index advanced 0.90% to $4,657.29 and returned to positive territory, with one constituent notching a record gain. Wall Street’s major indexes recovered from Monday’s selloff but with small gains. The benchmark ten-year Treasury fell to 4.09% from its 11-day high of 4.177% in the previous session.

Palantir Technologies (NYSE: PLTR) was the day’s brightest star. The GCI stock surged 30.8% to $21.87, led 1,497 (72%) NYSE advancers, and was the volume leader. The $47.6 billion Denver-based company sells AI-powered software used by commercial clients, the federal government and governments allied with the United States.

On the GovCon Index, gainers outnumbered decliners. Only four constituents, led by Accenture’s (NYSE: ACN) 1.52% dip, had negative returns. Tetra Tech (Nasdaq: TTEK) and AeroVironment (Nasdaq: AVAV) were the top performers after Palantir.

The hype and enthusiasm over artificial intelligence continue, as evidenced by investors’ reception towards Palantir Technologies. On Feb. 5, 2024, the software company reported $210 million net income in 2023, the first year of profitability. Its CEO, Alex Karp, also said there’s an onslaught of demand and Palantir’s commercial business is exploding.

Meanwhile, Cleveland Fed president and FOMC voting member Loretta Mester said in a conference on Tuesday, “It would be a mistake to move rates down too soon or too quickly without sufficient evidence that inflation was on a sustainable and timely path back to two percent.”  Her comments further dashed hopes of an early rate cut. The latest forecast from CME Group shows rate cuts could start in May 2024, and the possibility is 65%. 

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,657.29 41.88 0.90%
Dow Jones Industrial Average 38,521.36 141.24 0.37%
S&P 500 4,954.23 11.42 0.23%
NASDAQ 15,609.00 11.32 0.07%

 

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 21.87 5.15 30.80%
TTEK 170.22 5.27 3.19%
AVAV 125.01 3.51 2.89%
BAESY 62.08 1.70 2.82%
J 139.91 2.91 2.12%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
NOC 448.17 5.89 1.33%
TTEK 170.22 5.27 3.19%
LMT 426.95 5.25 1.25%
PLTR 21.87 5.15 30.80%
AVAV 125.01 3.51 2.89%

 

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
ACN 364.7 -5.64 -1.52%
MMS 78.41 -0.22 -0.28%
GIB 111.51 -0.29 -0.26%
MRCY 30.25 -0.04 -0.13%
RTX 92.28 0.04 0.04%