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

Index Value Net Change % Change
GovCon Index 93.462 -0.009 -0.010%
S&P 500 2,362.82 -2.56 -0.11%
Dow Jones Industrial Average 20,775.60 +32.60 +0.16%
NASDAQ 5,860.63 -5.32 -0.09%
Advancing GovCon Index Issues 16
Declining GovCon Index Issues 14
Unchanged GovCon Index Issues 0

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
MCK McKesson Corp. * 149.05 -1.84 -1.22%
NOC Northrop Grumman * 242.98 -1.14 -0.47%
ICFI ICF 51.65 -0.70 -1.34%
NAV Navistar International 27.18 -0.67 -2.41%
COL Rockwell Collins 93.62 -0.67 -0.71%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
NAV Navistar International 27.18 -0.67 -2.41%
KBR KBR 16.34 -0.39 -2.33%
ICFI ICF 51.65 -0.70 -1.34%
MCK McKesson Corp. * 149.05 -1.84 -1.22%
ACM AECOM 37.99 -0.42 -1.09%

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
HII Huntington Ingalls Industries 215.26 +2.60 +1.22%
HON Honeywell International * 125.04 +1.00 +0.80%
CACI CACI International 128.65 +0.90 +0.70%
OA Orbital ATK 91.82 +0.60 +0.66%
LDOS Leidos Holdings 53.13 +0.47 +0.89%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
HII Huntington Ingalls Industries 215.26 +2.60 +1.22%
LDOS Leidos Holdings 53.13 +0.47 +0.89%
HON Honeywell International * 125.04 +1.00 +0.80%
CSRA CSRA * 30.85 +0.22 +0.72%
CACI CACI International 128.65 +0.90 +0.70%

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