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  • Thursday, April 25, 2024

April 8 Market Close: GovCon Index Hits Late PM Volatility, Ends at Nominal Weekly Decline


GovConIndexUPThe GovCon Index gradually tumbled from a strong open Friday and fell sharply in late afternoon trade to end at a nominal gain of 0.197 points to 74.227, which puts the GCI at a weekly loss for the second time in three weeks.

The GCI posted a nominal 0.103-point loss from the April 1 close that includes Thursday’s sharp decline of nearly 1 percent as U.S. investors struggled to get clear direction on economic growth prospects as first quarter earnings season approaches.

Thomson Reuters data projects first quarter earnings for S&P 500 companies — which includes 11 GCI stocks — to decline 7.6 percent from the same period last year.

Lockheed Martin (NYSE: LMT) will kick off earnings reporting season for the U.S.’ five largest government contractors April 26, followed by Boeing (NYSE: BA) and Northrop Grumman (NYSE: NOC) April 27 and Raytheon (NYSE: RTN) April 28.

General Dynamics (NYSE: GD) has not announced the date of its first quarter earnings release but the “Big Five” contractors traditionally report their January-March financial results in the same week.

Losses among biotechnology stocks offset gains by energy shares on a 6.6-percent jump in U.S. crude oil futures to $39.72 a barrel after government data showed the country’s stockpiles fell 5 million barrels last week.

Top GovCon Index Gainers

SymbolCompany$ Current PriceNet Change% Change
BAESYBAE Systems28.16+0.61+2.21%
CAECAE11.29+0.19+1.71%
NAVNavistar International11.63+0.16+1.39%
VECVectrus22.15+0.26+1.19%
GDGeneral Dynamics *132.91+1.52+1.16%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues21
Declining GovCon Index Issues9
Unchanged GovCon Index Issues0
IndexValueNet Change% Change
GovCon Index74.227+0.197+0.266%
S&P 5002, 047.60+5.69+0.28%
Dow Jones Industrial Average17, 576.96+35.00+0.20%
NASDAQ4, 850.69+2.32+0.05%

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