Executive Mosaic’s GovCon Index ended the month of May in negative territory as U.S. stocks declined ahead of a U.S. House of Representatives vote on the bipartisan deal between President Joe Biden and House Speaker Kevin McCarthy to suspend the debt limit for two years.
The GCI fell 0.48 percent to $130.89, with CAE (NYSE: CAE) leading the decliners with a loss of 6.95 percent. The Canada-based flight training company stated an attributable net income of C$222.7 million or C$0.70 per share for its full 2023 fiscal year, compared to C$141.7 million or C$0.45 per share posted last year.
Globalstar (NYSE: GSAT) registered the second-largest decline with 3.39 percent, followed by Jacobs Solutions (NYSE: J) with 3.13 percent, with the latter announcing an expansion of partnership with Palantir Technologies (NYSE: PLTR) to commercialize new artificial intelligence products and services across multiple sectors.
The Carlyle Group (Nasdaq: CG) lost 2.63 percent as the global investment firm disclosed its agreement to acquire Meopta Optika, a Czech Republic-headquartered manufacturer of optical technology products.
Accenture (NYSE: ACN) slid 0.81 percent following the announcement of its move to acquire Australian digital design agency Bourne Digital.
The Nasdaq Composite and the S&P 500 declined 0.63 percent and 0.61 percent, respectively, while the Dow Jones Industrial Average dropped 0.41 percent, as investors awaited critical updates on the debt ceiling bill, CNBC reported. The bill passed the first hurdle in the House but still needs more votes from the bipartisan Congress to be enacted into law.
Meanwhile, Booz Allen Hamilton (NYSE: BAH) led the GCI’s advancers at 2.70 percent as Barclays said it maintains an equal-weight recommendation for the management consulting firm. Parsons (NYSE: PSN) became the second top advancer at 2.17 percent as Stifel reiterated its buy recommendation for the defense and security-focused technology company.
May 31 Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 130.89 | -0.6300 | -0.4800% |
| Dow Jones Industrial Average | 32,908.27 | -134.5117 | -0.4071% |
| S&P 500 | 4,179.83 | -25.6899 | -0.6109% |
| NASDAQ | 12,935.29 | -82.1445 | -0.6310% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 100.58 | 2.64 | 2.6955% |
| PSN | 44.69 | 0.95 | 2.1719% |
| GIB | 103.39 | 1.08 | 1.0556% |
| ICFI | 111.99 | 0.95 | 0.8555% |
| TTEK | 137.47 | 1 | 0.7328% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 100.58 | 2.64 | 2.6955% |
| GIB | 103.39 | 1.08 | 1.0556% |
| BA | 205.7 | 1.01 | 0.4934% |
| TTEK | 137.47 | 1 | 0.7328% |
| PSN | 44.69 | 0.95 | 2.1719% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CAE | 20.48 | -1.53 | -6.9514% |
| GSAT | 1.14 | -0.04 | -3.3898% |
| J | 109.6 | -3.54 | -3.1289% |
| FLR | 26.56 | -0.82 | -2.9949% |
| CG | 27.41 | -0.74 | -2.6288% |
