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  • Wednesday, April 24, 2024

January 11 Market Close: GovCon Index Halves Losses in PM Recovery During Volatile US Session


GovConIndexDOWNThe GovCon Index attempted a recovery from steep morning and midday losses as Monday’s closing bell approached after another volatile day for U.S. markets but ended at a loss of 0.531 points to 73.407.

Both the GovCon Index and S&P 500 composite index were down a full percentage point in mid-afternoon before a swing into positive territory in late trade despite some investor concerns over China and extended losses in commodities such as crude oil.

Crude oil futures in New York plunged another 5.28 percent to $31.41 and brent crude tumbled $1.99 to $31.56 a barrel with both benchmarks near new 12-year lows.

Pharmaceutical company McKesson Corp. (NYSE: MCK) and truck maker Navistar International (NYSE: NAV) fell 10 percent and 5 percent, respectively.

Aluminum giant Alcoa unofficially started new earnings season for U.S. companies after the markets closed and investors will use financial reports to see if a global economic slowdown affects corporate profits, according to Bloomberg.

Lockheed Martin (NYSE: LMT) will kick off fourth quarter and full-year 2015 reports for the GovCon Index’s five largest contractors on Jan. 26, followed by Boeing (NYSE: BA) on Jan. 27 and both Northrop Grumman (NYSE: NOC) and Raytheon (NYSE: RTN) scheduled for Jan. 28.

General Dynamics (NYSE: GD) had not scheduled its earnings release and call with investors as of this article’s publication.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
SECCY Serco Group plc 1.30 +0.03 +2.36%
BAESY BAE Systems 30.625 +0.685 +2.288%
CACI CACI International 88.14 +1.29 +1.49%
CSRA CSRA* 28.09 +0.40 +1.44%
RTN Raytheon* 123.53 +1.74 +1.43%

*Also listed in the S&P 500 composite index

Market Summary

Advancing Issues 17
Declining Issues 13
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 73.407 -0.392 -0.531%
S&P 500 1, 923.67 +1.64 +0.09%
Dow Jones Industrial Average 16, 398.57 +52.12 +0.32%
NASDAQ 4, 637.99 -5.64 -0.12%

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