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 $36.50 after Goldman Sachs told investors the benchmark’s one-month, 45.5-percent recovery from its Feb. 11 low may be premature and prices will have to stay lower in order to rebalance the market, Reuters reported.
GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||5|
|Declining GovCon Index Issues||25|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||1, 979.26||-22.50||-1.12%|
|Dow Jones Industrial Average||16, 964.10||-109.85||-0.64%|