Executive Mosaic’s GovCon Index drops 1.5% to $4,571.41 after a strong comeback before the long weekend. Wall Street’s major indexes flashed red, opening the shortened trading week with losses. Despite its slip, the S&P 500 (-0.37%) remains close to its all-time high from two years ago.
About 77% and 70% of NYSE and Nasdaq stocks declined on Tuesday. Also, the ten-year Treasury yield breached the threshold and rose to 4.071%. The U.S. dollar index rose 0.76% to 99.87 points, a one-month high.
On the GovCon Index, 29 of 30 constituents finished lower. The lone advancer, HII (NYSE: HII), had a very modest gain. Boeing (NYSE: BA) sunk 7.89% to $200.52 to lead the decliners. Wells Fargo (NYSE: WFC) downgraded the stock of the aircraft manufacturer as the FAA investigation began. V2X (NYSE: VVX), AeroVironment (Nasdaq: AVAV), and Tetra Tech (Nasdaq: TTEK) declined more than 3%.
Federal Reserve Governor Christopher Waller dampened investors’ sentiment after saying the central bank can take its time and not relax the monetary policy. However, he still believes that rate cuts are likely this year if inflation doesn’t rebound and stay elevated.
According to the CME Group, there’s a 67% chance the Federal Open Market Committee will implement rate cuts in March. Still, more Fed officials will speak until Friday and comment on the next possible action.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,571.41 | -68.58 | -1.50% |
| Dow Jones Industrial Average | 37,361.12 | -231.86 | -0.62% |
| S&P 500 | 4,765.98 | -17.85 | -0.37% |
| NASDAQ | 14,944.35 | -28.41 | -0.19% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 255.18 | 0.50 | 0.20% |
| ICFI | 132 | -0.55 | -0.41% |
| MMS | 80.81 | -0.40 | -0.49% |
| ACN | 354.56 | -1.77 | -0.50% |
| PSN | 64.88 | -0.34 | -0.52% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 255.18 | 0.50 | 0.20% |
| PLTR | 16.53 | -0.23 | -1.37% |
| KTOS | 18.66 | -0.30 | -1.58% |
| PSN | 64.88 | -0.34 | -0.52% |
| MMS | 80.81 | -0.40 | -0.49% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 200.52 | -17.18 | -7.89% |
| VVX | 38.36 | -1.54 | -3.86% |
| AVAV | 122.41 | -4.39 | -3.46% |
| TTEK | 161.77 | -5.61 | -3.35% |
| CG | 38.45 | -0.91 | -2.31% |
