The GovCon Index hovered in neutral territory during the final two hours of trade Wednesday and closed at a gain of 0.220 points to 77.591 despite its descent from a strong early afternoon session.
The GCI hit volatility in conjunction with the S&P 500 composite index shortly after 2 p.m. upon the release of the Federal Reserve‘s April meeting minutes that indicated a willingness among central bank policymakers to raise interest rates in June if data showed continued improvement in the U.S. economy.
According to Bloomberg, futures traders have priced in 32-percent odds of a rate increase after a lift to 14 percent Tuesday from data on customer inflation, housing starts and industrial production that exceeded analyst estimates.
Booz Allen Hamilton (NYSE: BAH) was the GCI’s top percentage gainer Tuesday by 5.20 percent — also $1.43 — after the McLean, Virginia-based government consulting firm said its full-year revenue increased for the first time in three periods.
The firm’s fiscal 2017 earnings and revenue guidance was just shy of Wall Street’s expectations and traders exchanged 2.6 million shares in Booz Allen versus the 10-day average of close to 1 million.
Pharmaceutical services company McKesson (NYSE: MCK) ended Wednesday as the GCI’s top net gainer at $6.38 — also 3.68 percent — and is up 8.41 percent over three days since it announced a new drug supply agreement with Wal-Mart.
Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp.* | 179.89 | +6.38 | +3.68% |
| BAH | Booz Allen Hamilton | 28.94 | +1.43 | +5.20% |
| SAIC | SAIC | 52.13 | +0.68 | +1.32% |
| RTN | Raytheon* | 130.52 | +0.68 | +0.52% |
| NOC | Northrop Grumman* | 214.14 | +0.54 | +0.25% |
*Also listed in the S&P 500 composite index
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| BAH | Booz Allen Hamilton | 28.94 | +1.43 | +5.20% |
| MCK | McKesson Corp.* | 179.89 | +6.38 | +3.68% |
| SAIC | SAIC | 52.13 | +0.68 | +1.32% |
| CSRA | CSRA* | 24.42 | +0.28 | +1.16% |
| VEC | Vectrus | 23.69 | +0.27 | +1.15% |
Market Summary
| Advancing GovCon Index Issues | 16 |
| Declining GovCon Index Issues | 14 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 77.421 | +0.669 | +0.857% |
| S&P 500 | 2, 047.21 | +0.42 | +0.02% |
| Dow Jones Industrial Average | 17, 529.98 | -3.36 | -0.02% |
| NASDAQ | 4, 715.73 | +23.39 | +0.50% |
