Executive Mosaic’s GovCon Index traded higher Wednesday on help from its large-cap components against mixed U.S. stock movements as investors awaited Federal Reserve chair Janet Yellen’s speech on the U.S. economy during the last hour of trade.
GovCon Index gainers slightly edged decliners each and nine of its 11 S&P 500 companies advanced with co-listed Raytheon (NYSE: RTN) ended as the GCI’s overall top net performer at a gain just short of $2.00.
Raytheon was followed in the top five net gainers by fellow large primes Northrop Grumman (NYSE: NOC) and Huntington Ingalls Industries (NYSE: HII), pharmaceutical supplier McKesson Corp. (NYSE: MCK) and government services contractor CACI International (NYSE: CACI).
Montreal-based technology services provider CGI Group (NYSE: GIB) weighed as the GCI’s largest decliner at a loss of more than $1.00.
Yellen told the Commonwealth Club in San Francisco in prepared remarks the U.S. economy is “near maximum employment” and inflation is continually progressing toward the Fed’s goal of 2 percent, Bloomberg reported.
The Fed raised the benchmark interest rate to a 0.5-0.75 percent range in December and the central bank’s policy leaders forecasted three 0.25-point increases for 2017 during that monetary policy meeting.
Financial stocks led six major S&P 500 sectors higher with telecommunications the lowest performer among the remaining five.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 88.417 | +0.206 | +0.295% |
| S&P 500 | 2, 271.89 | +4.00 | +0.18% |
| Dow Jones Industrial Average | 19, 804.72 | -22.05 | -0.11% |
| NASDAQ | 5, 555.65 | +16.93 | +0.31% |
| Advancing GovCon Index Issues3 | 16 |
| Declining GovCon Index Issues | 14 |
| Unchanged GovCon Index Issues | 0 |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| RTN | Raytheon * | 147.02 | +1.92 | +1.32% |
| NOC | Northrop Grumman * | 230.24 | +1.76 | +0.77% |
| HII | Huntington Ingalls Industries | 190.94 | +1.33 | +0.70% |
| MCK | McKesson Corp. * | 149.74 | +1.31 | +0.88% |
| CACI | CACI International | 123.30 | +1.00 | +0.82% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| RTN | Raytheon * | 147.02 | +1.92 | +1.32% |
| ACM | AECOM | 35.70 | +0.40 | +1.13% |
| MCK | McKesson Corp. * | 149.74 | +1.31 | +0.88% |
| CACI | CACI International | 123.30 | +1.00 | +0.82% |
| LDOS | Leidos Holdings | 49.82 | +0.40 | +0.81% |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –¾ | % Change |
|---|---|---|---|---|
| GIB | CGI Group | 48.19 | -1.28 | -2.59% |
| OA | Orbital ATK | 87.32 | -0.32 | -0.37% |
| MMS | Maximus | 57.18 | -0.25 | -0.44% |
| BAESY | BAE Systems | 29.71 | -0.24 | -0.80% |
| EGL | Engility Holdings | 31.81 | -0.21 | -0.66% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –¾ |
|---|---|---|---|---|
| GIB | CGI Group | 48.19 | -1.28 | -2.59% |
| CAE | CAE | 13.99 | -0.13 | -0.92% |
| BAESY | BAE Systems | 29.71 | -0.24 | -0.80% |
| NAV | Navistar International | 29.03 | -0.20 | -0.68% |
| EGL | Engility Holdings | 31.81 | -0.21 | -0.66% |
