Executive Mosaic’s GovCon Index snapped its two-day winning streak, slipping 0.29% to $4,971.84. The Nasdaq Composite (-0.09%) and S&P 500 (-0.02%) settled slightly lower from their record highs, while the Dow Jones Industrial Average (+0.20%) inched higher.
GameStop (NYSE: GME) surged 47.45% after Reddit sensation Keith Gill revealed a $200 million position in the meme stock. The utility sector continues its slump, led by erstwhile high-flyers Vistra (NYSE: VST) and NRG Energy (NYSE: NRG). Lululemon Athletica (Nasdaq: LULU) rose 4.8% after reporting better-than-expected earnings and upgraded full-year guidance.
Decliners (22) outnumbered gainers (7) on the GovCon Index, with only one stock, Jacobs (NYSE: J), being flat. Palantir Technologies (NYSE: PLTR) outperformed for the second straight day and led the advancers. Nasdaq components Carlyle Group (Nasdaq: CG) and Kratos Defense & Security Solutions (Nasdaq: KTOS) dipped the most.
Alex Karp, CEO of Palantir, said at a Thursday event that the company would continue to work with the U.S. government. The Department of Defense recently awarded Palantir a five-year $489 million contract for the Maven project, which will develop a smart system intelligence analysts and warfighters.
The U.S. Navy awarded Lockheed Martin Aeronautics, a business unit of Lockheed Martin (NYSE: LMT), a $97 million undefinitized, fixed-fee order against a previously issued basic ordering agreement. This advance acquisition contract procures aircraft armament equipment required to employ long-range strike weapons.
Investors will look forward to the U.S. employment and unemployment rate due Friday. If the data suggests a moderating or economic slowdown, the stalled rally might continue. Meanwhile, the European Central Bank followed the lead of the Bank of Canada with its interest rate cut.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,971.84 | -14.40 | -0.29% |
| Dow Jones Industrial Average | 38,886.17 | 78.84 | 0.20% |
| S&P 500 | 5,352.96 | -1.07 | -0.02% |
| NASDAQ | 17,173.12 | -14.78 | -0.09% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 23.79 | 0.83 | 3.62% |
| GIB | 101.66 | 0.84 | 0.83% |
| BA | 191.42 | 1.57 | 0.83% |
| LMT | 468.62 | 3.39 | 0.73% |
| NOC | 444.78 | 2.41 | 0.54% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 468.62 | 3.39 | 0.73% |
| NOC | 444.78 | 2.41 | 0.54% |
| BA | 191.42 | 1.57 | 0.83% |
| GIB | 101.66 | 0.84 | 0.83% |
| PLTR | 23.79 | 0.83 | 3.62% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 41.33 | -1.53 | -3.57% |
| KTOS | 20.8 | -0.50 | -2.35% |
| VVX | 47 | -1.00 | -2.08% |
| CW | 274.09 | -3.77 | -1.36% |
| SAIC | 116.8 | -1.29 | -1.09% |
