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January 8 Market Report: Executive Mosaic’s GovCon Index Rebounds, Big Tech Stocks Lead Market Rally

January 8 Market Report: Executive Mosaic’s GovCon Index Rebounds, Big Tech Stocks Lead Market Rally

Executive Mosaic’s GovCon Index rose 0.31% to $4,580, snapping its four-day skid in January. Big Tech stocks led a market rally that lifted the Nasdaq Composite (+2.2%) and the S&P 500 (+1.41%). The blue-chip Dow Jones Industrial Average ticked higher (+0.58%) and registered three straight days of gains. 

NVIDIA (Nasdaq: NVDA) surged 6.43% to a record high of $522.53 after unveiling a new set of graphic cards and announcing the launching of new AI chips in Q1 2024. Advanced Micro Devices (Nasdaq: AMD) jumped 5.48% following the debut of its AI-focused desktop chips. 

The majority of GovCon Index constituents finished in the green, with Palantir Technologies (NYSE: PLTR), Booz Allen Hamilton (NYSE: BAH), and AeroViroment (Nasdaq: AVAV) leading 23 gainers.

Option Care Health (Nasdaq: OPCH) announced a multi-year commercial partnership with Palantir. The nation’s largest independent provider of home and alternate site infusion services will leverage Palantir’s software and use its AI intelligence platform to help improve patient outcomes and increase efficiency. 

Boeing (NYSE: BA) was the worst performer GCI and Dow Jones performer. The stock tumbled 8.03% as the Federal Aviation Administration ordered the temporary grounding of some 737 MAX jets for immediate inspections.

The US Navy awarded Lockheed Martin (NYSE: LMT) a $311.9M cost-plus-incentive-fee modification to a previously awarded, indefinite-delivery/indefinite-quantity contract to exercise options for design, qualification testing, and production of the submarine electronic warfare system.

U.S. crude oil prices dropped 4% after Saudi Arabia lowered its price in the Asian market by $2 per barrel. OPEC and its allies will cut their production this quarter by 2.2 million barrels per day to balance the market. Also on Monday, the ten-year Treasury yield sank to 3.97%. Meanwhile, market analysts say US stocks will rise higher if the December CPI Report shows lower inflation.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,580.00 14.02 0.31%
Dow Jones Industrial Average 37,683.01 216.90 0.58%
S&P 500 4,763.54 66.30 1.41%
NASDAQ 14,843.77 319.70 2.20%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 16.67 0.69 4.32%
BAH 126.97 3.20 2.59%
AVAV 121.33 3.03 2.56%
GIB 104.39 2.55 2.50%
SAIC 126.68 2.31 1.86%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
NOC 475.26 5.37 1.14%
ACN 340.35 3.73 1.11%
BAH 126.97 3.20 2.59%
AVAV 121.33 3.03 2.56%
HII 255.36 2.86 1.13%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
BA 229 -20.00 -8.03%
VVX 40.36 -0.68 -1.66%
CW 215.64 -2.09 -0.96%
BAESY 59.34 -0.32 -0.54%
HON 202.66 -0.87 -0.43%