Executive Mosaic’s GovCon Index was not spared from the market correction on Friday, closing 0.70% lower at $135.16. While the index lost for the second straight day, eight constituents gained compared to only one from the previous trading day.
All three major US indices extended their losing streak to four days, with the S&P 500 (-3.6%) and Nasdaq Composite (-2.9%) posting their worst weekly performances since March 2023 and three consecutive negative weeks. The Dow Jones Industrial Average finished the tough week in the red, shedding 106.58 points (-0.31%).
For GCI stocks, Globalstar (NYSE: GSAT), Accenture (NYSE: ACN), and Palantir Technologies (NYSE: PLTR) were the top three gainers, while Northrop Grumman (NYSE: NOC) and BAESY Systems led decliners.
Another gainer, CIsco Systems (Nasdaq: CSCO), announced a strategic acquisition. The Silicon Valley networking tech giant will acquire cybersecurity firm Splunk (Nasdaq: SPLK) for $28 billion. Splunk shareholders need to approve the transaction, although the Board of both companies approved the deal.
Cisco aims to strengthen its defenses against potential security threats, mainly because of the widening use or adoption of artificial intelligence (AI). Its Chairman and CEO, Chuck Robbins, said, “Our combined capabilities will drive the next generation of AI-enabled security and observability. From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient.”
Wall Street enters the last week of September with huge losses but hopes to regain lost ground. However, other factors, such as a potential government shutdown, could destabilize the stock market further.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 135.16 | -0.95 | -0.70% |
| Dow Jones Industrial Average | 33,963.84 | -106.58 | -0.31% |
| S&P 500 | 4,320.06 | -9.94 | -0.23% |
| NASDAQ | 13,211.81 | -12.17 | -0.09% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.26 | 0.02 | 1.61% |
| ACN | 316.09 | 4.09 | 1.31% |
| PLTR | 14.13 | 0.13 | 0.93% |
| GIB | 100.31 | 0.91 | 0.92% |
| J | 132.22 | 1.10 | 0.84% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 316.09 | 4.09 | 1.31% |
| J | 132.22 | 1.10 | 0.84% |
| GIB | 100.31 | 0.91 | 0.92% |
| TTEK | 154.38 | 0.65 | 0.42% |
| ICFI | 121.1 | 0.36 | 0.30% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 424.9 | -12.21 | -2.79% |
| BAESY | 50.18 | -1.29 | -2.51% |
| GD | 218.34 | -3.54 | -1.60% |
| RTX | 71.58 | -1.06 | -1.46% |
| FLR | 36.87 | -0.53 | -1.42% |
