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October 4 Market Close: GovCon Index Falls on Defense Prime Declines, Strong Dollar and IMF Forecast Weigh on Markets

GovConIndexDOWNExecutive Mosaic’s GovCon Index declined Tuesday with major defense primes and large services companies the major contributors to its losses as U.S. stocks also tumbled on a stronger dollar and a muted global outlook from the International Monetary Fund.

GovCon Index gainers outnumbered laggers by a 2-to-1 ratio, McKesson Corp. (NYSE: MCK) was the lone GCI-S&P 500 stock of 11 to close green and six of the GCI’s 10 worst net performers in Tuesday trade are co-listed shares.

Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC) led the GCI’s decline as the two biggest net decliners with fellow platform makers General Dynamics (NYSE: GD) and Honeywell International (NYSE: HON) also among the day’s largest laggers.

Federal health and human services contractor Maximus (NYSE: MMS) also weighed on the GCI and was its worst percentage performer.

Vectrus (NYSE: VEC) led GCI percentage gainers for a second consecutive session and was its best net advancer Tuesday, while KBR (NYSE: KBR) rebounded a day after the stock plunged 9.91 percent on a full-year earnings guidance cut due to increases in project costs.

Declines in utility stocks dragged the S&P 500 with 10 other sectors lower and financials the only advancer as investors watched the U.S. dollar index hit its highest level in two months and weighed the IMF’s 2016 global growth forecast at 3.1 percent in its “World Economic Outlook.”

The IMF’s prediction is unchanged from its July outlook and the organization also estimates growth in advanced economies such as the U.S. to register 1.6 percent growth versus 2.1 percent in 2015 and the July forecast of 1.8 percent.

Market Summary

Index Value Net Change % Change
GovCon Index 80.224 -0.387 -0.480%
S&P 500 2, 150.49 -10.71 -0.50%
Dow Jones Industrial Average 18, 168.45 -85.40 -0.47%
NASDAQ 5, 289.66 -11.22 -0.21%
Advancing GovCon Index Issues 9
Declining GovCon Index Issues 20
Unchanged GovCon Index Issues 1

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
LMT Lockheed Martin * 237.10 -3.48 -1.45%
NOC Northrop Grumman * 212.83 -2.27 -1.06%
MMS Maximus 54.71 -1.35 -2.41%
HON Honeywell International * 114.88 -1.17 -1.01%
GD General Dynamics * 153.55 -1.16 -0.75%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
MMS Maximus 54.71 -1.35 -2.41%
ACM AECOM 29.14 -0.57 -1.92%
TXT Textron * 39.21 -0.67 -1.68%
LMT Lockheed Martin * 237.10 -3.48 -1.45%
CUB Cubic Corp. 46.34 -0.54 -1.15%

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
VEC Vectrus 17.13 +0.59 +3.57%
GIB CGI Group 47.79 +0.49 +1.04%
KBR KBR 14.10 +0.47 +3.45%
MCK McKesson Corp. * 165.66 +0.28 +0.17%
HII Huntington Ingalls Industries 153.80 +0.28 +0.18%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
VEC Vectrus 17.13 +0.59 +3.57%
KBR KBR 14.10 +0.47 +3.45%
GIB CGI Group 47.79 +0.49 +1.04%
BAESY BAE Systems 27.68 +0.22 +0.82%
NAV Navistar International 23.25 +0.15 +0.65%
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