March 8 Market Close: GovCon Index Falls as ICF & Navistar Earnings Misses Weigh

The GovCon Index held lower throughout the trading session Tuesday and closed at a decline of 1.071 percent to 72.599 on earnings misses from two GCI stocks and investor reaction to oil price declines and new trade data out of China.

ICF International (Nasdaq: ICFI) dropped 8.37 percent a day after the consulting services company posted earnings figures that fell below Wall Street’s 2015 and fourth quarter expectations due to a strong U.S. dollar and other global currency headwinds.

Shares in Navistar International (NYSE: NAV) plunged 11.99 percent on lower revenue guidance for the rest of 2016 as the industrial-grade vehicle maker forecasts demand to weaken North American commercial truck market and fourth quarter sales that missed analyst forecasts by $300 million.

U.S. stocks plunged from the open with the S&P 500 composite index closed down 1.12 percent to end its five-day gain streak after new data from China showed exports fell at the steepest rate seen in more than six years and posted a 16th consecutive monthly decline, according to Reuters.

Crude oil futures plummeted 3.7 percent to $36.50 after Goldman Sachs told investors the benchmark’s one-month, 45.5-percent recovery from its Feb. 11 low may be premature and prices will have to stay lower in order to rebalance the market, Reuters reported.

GovCon Index Gainers

*Also listed in the S&P 500 composite index

Market Summary