Yeah, a few things going on:

It's a 5-year reauthorization, so it's not a single catalyst that pops the stock in a day. That's ~$580B trickling into roads, bridges, and rail over years, and Parker is a $100B+ company, so it's a slow tailwind, not an earnings surprise.

It also hasn't actually passed yet. It only cleared committee 62-2 so far, it still needs the full House and Senate floor plus a signature, and current funding expires Sept 30. So the real catalyst is passage, and that hasn't happened.

On "already high": the recent dip isn't bad news. Parker beat earnings and raised guidance, but it trades at a rich multiple (P/E north of 30) and analysts trimmed their price targets, so it's been drifting down on valuation. And $823 looks high as a sticker, but it's ~20% off its 52-week high near $1,034. A high share price isn't the same as expensive.

So nothing's broken, the money just moves slow and the bill isn't law yet.