Executive Mosaic’s GovCon IndexÂ tumbled Tuesday on declines fromÂ major military shipbuilders and defense technologyÂ makers as U.S. stocks traded lower with a 2.28-percent decline by financial sharesÂ the main contributorÂ after a three-day weekend for equity markets.
GovCon Index laggardsÂ outnumbered advancers by an 9-to-1 ratio and overall top performerÂ McKesson Corp. (NYSE: MCK) was the GCI’sÂ lone S&P 500-listed company out of 11 to gain as the latter stock bellwether index traded down almost a half-percent.
Both of the U.S.’ largest military ship constructors Huntington Ingalls Industries (NYSE: HII) and General Dynamics (NYSE: GD) weighed as the GCI’s largest two net decliners to coincide with a 0.78-percent loss by the S&P industrial index.
Northrop Grumman (NYSE: NOC) posted the GovCon Index’s third-largest net loss Tuesday withÂ Harris Corp. (NYSE: HRS) fourth-worst and Orbital ATKÂ (NYSE: OA) fifth from last.
Shares in Boeing (NYSE: BA) declined $1.02 to $157.75 on the same day its CEO Dennis Muilenburg met with President-elect Donald Trump to discuss the company’s Air Force One aircraft production contract and combat jet programs.
Major bank stocks along with industrial shares such as defense have surged since the Nov. 8 election of Donald Trump for president on investor expectations of deregulation and corporate tax reductions under his administration along with interest rate hikes.
According to Reuters, economists at theÂ World Economic Forum in Davos expressed concern over a strengthening U.S. dollar and a potential trade war with China.
Financials led six major S&P sectors lowerÂ with consumer shares the top performer among the remaining five.
|Index||Value||Net Change||% Change|
|S&P 500||2, 267.89||-6.75||-0.30%|
|Dow Jones Industrial Average||19, 826.77||-58.96||-0.30%|
|Advancing GovCon Index Issues3||3|
|Declining GovCon Index Issues||27|
|Unchanged GovCon Index Issues||0|
Lowest GovCon Index Net Performers
|Symbol||Company||$ Current Price||Net ChangeÂ â¾||% Change|
|HII||Huntington Ingalls Industries||189.61||-1.97||-1.03%|
|GD||General Dynamics *||175.97||-1.92||-1.08%|
|NOC||Northrop Grumman *||228.48||-1.69||-0.73%|
|HRS||Harris Corp. *||100.18||-1.58||-1.55%|
Lowest GovCon IndexÂ Percentage Performers
|Symbol||Company||$ Current Price||Net Change||% ChangeÂ â¾|
GovCon Index Gainers
|Symbol||Company||$ Current Price||Net ChangeÂ â´||% Change|
|MCK||McKesson Corp. *||148.43||+1.25||+0.85%|