The GovCon Index felt the pressure from U.S. investor worries about a potential interest rate hike in June and closed at a decline of 0.520 points to 77.071.
CAE (NYSE: CAE) was one of the GovCon Index’s lone bright spots with a gain of 2.65 percent after the Montreal-based aerospace and defense contractor posted full-year and fourth-quarter earnings and revenue figures that exceeded Wall Street’s expectations.
Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC) fell after RBC Capital downgraded both stocks from “Outperform” to a “Sector Perform” rating as analysts believe shares in the contractors have reached a 10-year high in valuation.
Lockheed fell 1.11 percent and Northrop declined 1.43 percent with other defense primes Boeing (NYSE: BA) down 2.22 percent, General Dynamics (NYSE: GD) lower by a half-percent and Raytheon (NYSE: RTN) at a decline of 0.99 percent.
U.S. stocks held in negative Thursday after New York Federal Reserve President William Dudley said a move to raise interest rates in June was on the table, according to CNBC.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
|Advancing GovCon Index Issues||6|
|Declining GovCon Index Issues||24|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 040.04||-7.59||-0.37%|
|Dow Jones Industrial Average||17, 435.40||-91.22||-0.52%|