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February 22 Market Close: GovCon Index Flat, S&P 500 Dips After Fed Minutes

Executive Mosaic’s GovCon Index held flat as the U.S. stock bellwether S&P 500 composite index traded narrowly lower Wednesday after the most recent Federal Reserve meeting minutes indicated a desire among many policymakers to raise interest rates “fairly soon.”

GovCon Index advancers slightly edged decliners 16-14 as seven of its 11 S&P 500 components closed green with Huntington Ingalls Industries (NYSE: HII) the GCI’s top overall net gainer and co-listed McKesson Corp. (NYSE: MCK) the largest laggard on a 0.1-percent decline by the S&P healthcare index.

Huntington Ingalls extended its current stretch of gains exceeding $1.00 to six straight days since the military shipbuilder posted fourth quarter earnings above analyst forecasts, while McKesson and fellow GCI-S&P company Northrop Grumman (NYSE: NOC) both shed at least $1.00 each.

HII has surged 43 percent in conjunction with the GovCon Index’s climb of 17 percent since the Nov. 8, 2016 election of Donald Trump for president as investors anticipate increases to military spending and in particular growth in the U.S. Navy‘s fleet size in light of Trump’s campaign pledges for both items.

McKesson’s decline coincided with the S&P healthcare index’s loss of 0.1 percent, while the industrial index that includes several large aerospace and defense contractors closed 0.3 percent lower.

Futures traders have priced in 27-percent odds the Fed will raise rates at its March 15 policy meeting after the January minutes showed central bank leaders’ willingness to move if data on inflation and jobs falls in line with or exceeds their expectations, CNBC reported.

Energy shares tumbled 1 percent to lead eight major S&P sectors lower with materials up 0.3 percent to lead the remaining three.

Crude oil futures in New York settled down 1.6 percent to $53.48 a barrel.

Market Summary

IndexValueNet Change% Change
GovCon Index93.462-0.009-0.010%
S&P 5002,362.82-2.56-0.11%
Dow Jones Industrial Average20,775.60+32.60+0.16%
Advancing GovCon Index Issues16
Declining GovCon Index Issues14
Unchanged GovCon Index Issues0

Lowest GovCon Index Net Performers

SymbolCompany$ Current PriceNet Change ▾% Change
MCKMcKesson Corp. *149.05-1.84-1.22%
NOCNorthrop Grumman *242.98-1.14-0.47%
NAVNavistar International27.18-0.67-2.41%
COLRockwell Collins93.62-0.67-0.71%

Lowest GovCon Index Percentage Performers

SymbolCompany$ Current PriceNet Change% Change ▾
NAVNavistar International27.18-0.67-2.41%
MCKMcKesson Corp. *149.05-1.84-1.22%

Top GovCon Index Net Performers

SymbolCompany$ Current PriceNet Change ▴% Change
HIIHuntington Ingalls Industries215.26+2.60+1.22%
HONHoneywell International *125.04+1.00+0.80%
CACICACI International128.65+0.90+0.70%
OAOrbital ATK91.82+0.60+0.66%
LDOSLeidos Holdings53.13+0.47+0.89%

Top GovCon Index Percentage Performers

SymbolCompany$ Current PriceNet Change% Change ▴
HIIHuntington Ingalls Industries215.26+2.60+1.22%
LDOSLeidos Holdings53.13+0.47+0.89%
HONHoneywell International *125.04+1.00+0.80%
CSRACSRA *30.85+0.22+0.72%
CACICACI International128.65+0.90+0.70%

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