Executive Mosaic’s GovCon Index ended higher Friday at $5,212.93 (+0.37%) as it continues to rebound from its worst weekly performance. The index, which tracks the stock performances of 30 major government contractors, advanced 1.05% for the week following positive returns since Wednesday.
Wall Street’s post-election rally is over, although the major stock indexes had a winning week. The Dow Jones Industrial Average closed at a record high of 44,296.51 before the weekend for a 1.96% overall weekly gain. The broad S&P 500 Index (+1.68%) extended its five-day rally, while the tech-heavy Nasdaq Composite (+1.73%) kept pace.
Strong Finish
The GovCon Index recorded a sixth consecutive daily loss Tuesday, then ended its longest losing streak with a +0.68% rebound mid-week. Palantir Technologies (NYSE: PLTR) topped Monday’s 29 losers with -6.86% but led Friday’s 21 winners with +4.87%.
Palantir Technologies, GCI’s top-performing stock (+274.78% year-to-date) thus far this year, will leave the NYSE and start trading on the tech-heavy Nasdaq exchange on Nov. 26. The data analytics firm’s Artificial Intelligence Platform is the growth driver. Market analysts expect the AI stock to continue soaring.
There were no notable breakouts during the week, although Fluor Corporation (NYSE: FLR) outperformed with +7.45%. Boeing (NYSE: BA) was an unlikely gainer. The stock gained 6.49% in five days despite announcing almost 2,200 job layoffs at the start of the week. Defense stocks took a hit in the previous week, resulting in a massive 8.52% weekly loss.
However, Booz Allen Hamilton (NYSE: BAH) arrested its seven-day losing streak and is now on a three-day winning run. Maximus (NYSE: MMS), the worst performer, tanked -6.92% Thursday and -7.69% for the week.
As of Nov. 22, 2024, the GovCon Index is up 11.66% year-to-date, down from +20.82% before the rout in the week of Nov. 11 to 15. The Nasdaq Composite (+26.6%), S&P 500 (+25.1%), and the Dow Jones Industrial Average (+17.5%) are all winning in 2024.
