Executive Mosaic’s GovCon Index held lower to start July’s first full trade week Tuesday as U.S. stocks stumbled on a decline in crude oil prices that weighed on energy stocks and new investor uncertainty over Britain’s June 23 vote to leave the European Union.
The GovCon Index ended its four-day gain streak with a decline of 0.508 points to 79.210 with prime defense stocks Raytheon (NYSE: RTN) and shipbuilder Huntington Ingalls Industries (NYSE: HII) as the clear standout gainers.
Shares in Waltham, Mass.-based weapons maker Raytheon missed a new 52-week high in intraday trade by 1 cent after Poland’s prime minister said the country had progressed on negotiations on a $5 billion contract to buy the company’s Patriot missile defense system, per a Monday Reuters report.
Newport News, Virginia-headquartered Huntington Ingalls rose on the Friday award of a potential $3.1 billion contract to move forward on construction of a future amphibious assault ship for the U.S. Navy.
Seven of the S&P 500’s 10 sectors closed down and energy stocks fell 2.4 percent as crude oil futures in New York declined 4.9 percent with the London-based Brent benchmark lower by 4.3 percent to $47.96 a barrel.
Investors also gauged a Bank of England statement that described the U.K.’s financial stability after the Brexit referendum as “challenging” and that it would cut the required capital banks must have in reserve to keep lending.
Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| HII | Huntington Ingalls Industries | 170.30 | 1.97 | 1.17% |
| RTN | Raytheon* | 136.70 | 1.88 | 1.39% |
| LLL | L-3 Communications* | 147.23 | 0.48 | 0.33% |
| LMT | Lockheed Martin* | 249.51 | 0.16 | 0.06% |
| ICFI | ICF International | 40.81 | 0.02 | 0.05% |
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| RTN | Raytheon* | 136.70 | 1.88 | 1.39% |
| HII | Huntington Ingalls Industries | 170.30 | 1.97 | 1.17% |
| LLL | L-3 Communications * | 147.23 | 0.48 | 0.33% |
| LMT | Lockheed Martin* | 249.51 | 0.16 | 0.06% |
| ICFI | ICF International | 40.81 | 0.02 | 0.05% |
*Also listed in the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 6 |
| Declining GovCon Index Issues | 24 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 79.210 | -0.508 | -0.637% |
| S&P 500 | 2, 088.55 | -14.40 | -0.68% |
| Dow Jones Industrial Average | 17, 840.62 | -108.75 | -0.61% |
| NASDAQ | 4, 822.90 | -39.67 | -0.82% |
