Executive Mosaic’s GovCon Index outperformed Wall Street, advancing 1.01% to $4,796.10. All major indexes ended higher, with the S&P 500 (+0.58%) recording its 11th record high for the year. The Dow Jones Industrial Average (+0.91%) rose triple digits, while the Nasdaq Composite (+0.30%) gained slightly.
Wells Fargo (NYSE: WFC) advanced 7.23% after the Office of the Comptroller of the Currency lifted the restrictions related to a fake accounts scandal. Tesla (Nasdaq: TSLA) climbed 6.2% following an extended selloff. Apple (Nasdaq: AAPL) ticked lower on news that Warren Buffett’s conglomerate, Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), reduced its stake by 1% or 10 million shares in Q4 2023.
On the GovCon Index, only four constituents finished in the red. V2X (NYSE: VVX) and Parsons Corporation (NYSE: PSN) led the charge of 26 federal government contractors. Kratos Defense & Security Solutions (Nasdaq: KTOS) led the decliners with a minimal 0.58% loss. The stock surged 16.97% on Wednesday.
The tailwind on Thursday was the 2% drop in retail sales and weaker-than-expected manufacturing production in January. However, jobless claims or unemployment benefits declined 3.6% to 212,000. Meanwhile, Atlanta Federal Reserve Bank President Raphael Bostic spoke in New York.
“The evidence from data, our surveys, and our outreach say that victory is not clearly in hand and leaves me not yet comfortable that inflation is inexorably declining to our 2% objective,” said Bostic. The voting Federal Open Market Committee member adds, “Right now, a strong labor market and macroeconomy offer the chance to execute these policy decisions without oppressive urgency.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,796.10 | 1.62 | 1.01% |
| Dow Jones Industrial Average | 38,773.12 | 348.85 | 0.91% |
| S&P 500 | 5,029.73 | 29.11 | 0.58% |
| NASDAQ | 15,906.17 | 47.02 | 0.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 39.65 | 1.33 | 3.47% |
| PSN | 74.37 | 1.96 | 2.71% |
| MMS | 84.76 | 2.19 | 2.65% |
| FLR | 42.78 | 0.95 | 2.27% |
| KBR | 55.17 | 1.19 | 2.20% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 423.12 | 4.93 | 1.18% |
| HII | 284.99 | 4.68 | 1.67% |
| TTEK | 180.65 | 3.87 | 2.19% |
| NOC | 450 | 3.63 | 0.81% |
| HON | 197.95 | 3.08 | 1.58% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 20.7 | -0.12 | -0.58% |
| MRCY | 30.44 | -0.11 | -0.36% |
| BAESY | 62.1 | -0.16 | -0.26% |
| TXT | 86.21 | -0.11 | -0.13% |
| ACN | 371.51 | 0.53 | 0.14% |
