Executive Mosaic’s GovCon Index rose 0.38% to $4,787.32 and closed slightly higher like the Dow Jones Industrial Average (+0.13%) and the S&P 500 (+0.13%). Only the Nasdaq Composite (-0.32%) finished in the red as tech shares retreat.
NVIDIA (Nasdaq: NVDA) fell 2.82% at the close but gained 9.07% after the bell. In Q4 and fiscal 2024, the chipmaker’s revenues soared 265% and 126% year-over-year to $22.1 billion and $60.9 billion, both new records. Its founder and CEO, Jensen Huang, said demand for AI is surging worldwide across companies, industries, and nations.
On Monday, Feb. 26, 2024, Amazon.com (Nasdaq: AMZN) will join the Dow Jones Industrial Average. The S&P Dow Jones Indices announced that the online retailing giant will replace pharmacy chain Walgreens Boots Alliance (NYSE: WBA) on the 30-stock average.
The tide turned on the GovCon Index as gainers outnumbered decliners. KBR (NYSE: KBR) was the top performer mid-week. At second and third, Curtiss-Wright (NYSE: CW) and Northrop Grumman (NYSE: NOC) joined 17 advancers. Palantir Technologies (NYSE: PLTR) and Fluor Corporation (NYSE: FLR) led decliners for the second straight session.
Aerospace and defense stock Northrop Grumman rose following news the company signed an offset agreement with Poland’s defense ministry on Tuesday. The $75 million deal is under the second phase of the country’s medium-range air and missile defense program.
Also, on Wednesday, the Federal Reserve released the Federal Open Market Committee meeting minutes on Jan. 30-31, 2024. The summary indicated that rate cuts would come when the policymakers had greater confidence that inflation was receding. Fed Governor Michelle Bowman rules out any cuts for now, given the uncertainty about the economy.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,787.32 | 0.62 | 0.39% |
| Dow Jones Industrial Average | 38,612.24 | 48.44 | 0.13% |
| S&P 500 | 4,981.80 | 6.29 | 0.13% |
| NASDAQ | 15,580.87 | -49.91 | -0.32% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KBR | 58.84 | 1.39 | 2.42% |
| CW | 239.15 | 4.36 | 1.86% |
| NOC | 460 | 6.09 | 1.34% |
| VVX | 39.06 | 0.49 | 1.27% |
| HII | 288.13 | 3.33 | 1.17% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 460 | 6.09 | 1.34% |
| CW | 239.15 | 4.36 | 1.86% |
| HII | 288.13 | 3.33 | 1.17% |
| LMT | 427.55 | 3.28 | 0.77% |
| GD | 271.9 | 2.97 | 1.10% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 22.74 | -0.66 | -2.82% |
| FLR | 35.79 | -0.94 | -2.56% |
| KTOS | 20.18 | -0.32 | -1.56% |
| GIB | 111.41 | -1.64 | -1.45% |
| MRCY | 28.38 | -0.37 | -1.29% |
