Executive Mosaic’s GovCon Index posted a modest loss for the second straight day, closing at $5,087.07 (-0.17%). Wall Street flashed red due to a broader market selloff. The Dow Jones Industrial Average shed 533 points (-1.29%), while the S&P 500 (-0.78%) and Nasdaq Composite (-0.70%) dropped sharply.
Around 80% and 79% of NYSE stocks and Nasdaq constituents, respectively, declined on Thursday. The selloff was not limited to tech stocks, as only one of 11 S&P 500 primary sectors advanced. NVIDIA (Nasdaq: NVDA) recovered from mid-week’s steep loss, while other chip stocks continued their slump.
The GovCon Index dipped slightly, although decliners outnumbered gainers like in the previous session. Mercury Systems (Nasdaq: MRCY) and Boeing (NYSE: BA) had the most significant percentage drops among 19 losers, while the Carlyle Group (Nasdaq: CG) bested 11 advancers with +2.18%.
Carlyle and industry peer KKR (NYSE: KKR) jointly agreed to purchase Discover Financial Services’ (NYSE: DFS) prime student loans portfolio for around $10.1 billion. The strategic partners of both global investment firms led the asset-backed finance, or ABF, investing.
Palantir Technologies (NYSE: PLTR), GCI’s top-performing stock thus far in 2024, gained 1.49% to buck the tech downtrend. The AI stock also hit a new 52-week high of $29.83 in intraday trading. In addition to improved profitability, Daniel Ives, an analyst at investment firm Wedbush, expects the data analytics firm to garner a significant share in the AI revolution.
Boeing extended its losing streak to three days after falling 2.49% to $180.23. The crisis-plagued plane maker pled guilty to conspiracies involving two 737 MAX aircraft crashes several years ago and will pay $243.6 million in fines.
On July 18, the U.S. Navy awarded Textron Systems, one of Textron’s (NYSE: TXT) companies and brands, a $312 million cost-reimbursable, not-to-exceed modification to a previously awarded contract for the procurement of material and recurring and non-recurring activities for up to nine future ship to shore connector landing craft air cushion craft.
The benchmark S&P 500 and tech-heavy Nasdaq Composite suffered similar losses Thursday as rotation from if not dumping of, tech stocks and some profit-taking continued. Notably, the fear gauge, the CBOE Volatility Index, rose 9% to 16 for its highest close since April.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,087.10 | -8.72 | -0.17% |
| Dow Jones Industrial Average | 40,665.02 | -533.06 | -1.29% |
| S&P 500 | 5,544.59 | -43.68 | -0.78% |
| NASDAQ | 17,871.22 | -125.70 | -0.70% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 46.46 | 0.99 | 2.18% |
| TTEK | 204.3 | 3.36 | 1.67% |
| PLTR | 28.64 | 0.42 | 1.49% |
| ACN | 328.1 | 2.50 | 0.77% |
| ICFI | 140.5 | 0.87 | 0.62% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 204.3 | 3.36 | 1.67% |
| ACN | 328.1 | 2.50 | 0.77% |
| GD | 293.27 | 1.28 | 0.44% |
| CG | 46.46 | 0.99 | 2.18% |
| ICFI | 140.5 | 0.87 | 0.62% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 32.36 | -1.09 | -3.26% |
| BA | 180.23 | -4.61 | -2.49% |
| KTOS | 21.3 | -0.42 | -1.93% |
| SAIC | 121.89 | -1.84 | -1.49% |
| FLR | 48 | -0.68 | -1.40% |
