Hello, Guest!

February 7 Market Report: Executive Mosaic’s GovCon Index Sustains Momentum, S&P 500 Nears 5,000 Mark

February 7 Market Report: Executive Mosaic’s GovCon Index Sustains Momentum, S&P 500 Nears 5,000 Mark

Executive Mosaic’s GovCon Index sustained momentum and rose 0.84% to $4,696.70 ($156.56 average). Wall Street had a good trading session, with the S&P 500 (+0.82%) notching its eighth record close in 2024 and nearing a new milestone. The Dow Jones Industrial Average (+0.41%) and Nasdaq Composite (+0.95%) finished with solid gains.

Notable gainers on the NYSE were Ford Motor Company (NYSE: F) and Roblox (NYSE: RBLX) after both companies presented strong quarterly earnings. Disney slipped 0.15% at the close but popped 6.71% in after-hours trading. The company reported reduced streaming losses and announced a 50% hike in cash dividends. 

More than half of GovCon Index constituents advanced on mid-week. The Carlyle Group (Nasdaq: CGI) and Palantir Technologies (NYSE: PLTR) surged 8.64% and 7.91%, leading 18 gainers. Fluor Corporation (NYSE: FLR) outperformed, too, with +4.73%. Mercury Systems (Nasdaq: MRCY), the worst-performer, plunged 11.4%.

Carlyle shares jumped after reporting record results in 2023, including $426 billion in assets under management and $37 billion from fundraising activities. Its CEO, Harvey M. Schwartz, said, “We enter 2024 with significant momentum and strong operating leverage and are well-positioned to deliver value for all our stakeholders.”

Mercury Systems’ net loss in the first half of fiscal 2024 widened 255.8% year-over-year to $82.3 million. Nevertheless, the near-record $325.4 million of bookings and $37.5 million in positive free cash flow in the second quarter are silver linings moving forward. Its Chairman and CEO, Bill Ballhaus, said fiscal 2024 is a transitional year.

Meanwhile, the State Department said Poland is interested in buying an aerostat-based radar system from the Raytheon arm of RTX (NYSE: RTX). The military spending of $1.2 billion includes tanks, missiles, and F-35 combat jets.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 156.56 1.31 0.84%
Dow Jones Industrial Average 38,677.36 156.00 0.41%
S&P 500 4,995.06 40.83 0.82%
NASDAQ 15,756.64 147.64 0.95%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
CG 44.24 3.52 8.64%
PLTR 23.6 1.73 7.91%
FLR 40.31 1.82 4.73%
HII 274.74 8.52 3.20%
J 143.58 3.67 2.62%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
HII 274.74 8.52 3.20%
NOC 453.9 5.73 1.28%
TTEK 174.38 4.16 2.44%
J 143.58 3.67 2.62%
CG 44.24 3.52 8.64%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
MRCY 26.8 -3.45 -11.40%
VVX 37.88 -0.32 -0.84%
MMS 77.96 -0.45 -0.57%
AVAV 124.35 -0.66 -0.53%
BAESY 61.77 -0.31 -0.50%