Executive Mosaic’s GovCon Index rose slightly to $4,848.68 (+0.06%) but marked a strong month. With the latest inflation data showing progress, the Nasdaq Composite (+0.90%) and S&P 500 (+0.52%) recorded new record highs. The Dow Jones Industrial Average (+0.12%) had a modest gain.
Semiconductor stocks Advanced Micro Devices (Nasdaq: AMD) and Intel (Nasdaq: INTC) led a rally that lifted the Nasdaq to a record close of 16,092.92. C3.ai (NYSE: AI) soared 24.52% after reporting impressive revenue growth in Q3 fiscal 2024. The enterprise artificial intelligence software company continues to attract customers across various sectors, including federal, defense, and aerospace.
The GovCon Index extended its winning streak to three days and posted a 5.25% month-on-month gain. Palantir Technologies (NYSE: PLTR) and the Carlye Group (NYSE: CG) led 19 advancers, while Boeing (NYSE: BA) and Lockheed Martin (NYSE: LMT) were the top decliners among 11 GCI constituents.
ICF (NYSE: ICF), one of the day’s gainers, was awarded two contract option-year extensions by the Department of Health and Human Services. The global consulting and technology services provider will implement the next phase of cloud migration and digital modernization of the Centers for Medicare & Medicaid systems. The combined value of the contracts awarded in Q3 2023 is $50 million.
Boeing agreed to a $51 million settlement with the U.S. State Department regarding several export violations. Nonetheless, the U.S. Navy awarded the airplane manufacturer $3.4 billion firm-fixed-price, undefinitized contract for the procurement and delivery of 17 Lot 13 P-8A Multi-Mission Maritime Aircraft, three for Germany and 14 for Canada.
Based on the report released by the Commerce Department on Thursday, the Personal Consumption Expenditures price index for the 12 months ending January was 2.4% compared to 2.6% in December. The core PCE index, the Fed’s preferred underlying inflation gauge, dropped 2.8% from the 2.9% annual rate in December.
Some economists were not alarmed by the uptick in inflation, although it reinforces the Federal Reserve’s decision to maintain the higher-for-longer interest rate environment.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,851.35 | 2.67 | 0.06% |
| Dow Jones Industrial Average | 38,996.39 | 47.37 | 0.12% |
| S&P 500 | 5,096.27 | 26.51 | 0.52% |
| NASDAQ | 16,091.92 | 144.18 | 0.90% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 25.08 | 0.66 | 2.70% |
| CG | 45.85 | 0.82 | 1.82% |
| TXT | 89.07 | 1.47 | 1.68% |
| VVX | 38.5 | 0.54 | 1.42% |
| ICFI | 154.85 | 2.04 | 1.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 374.85 | 2.77 | 0.74% |
| NOC | 461.02 | 2.07 | 0.45% |
| ICFI | 154.85 | 2.04 | 1.33% |
| TTEK | 177.32 | 1.61 | 0.92% |
| TXT | 89.07 | 1.47 | 1.68% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 203.72 | -3.28 | -1.58% |
| LMT | 428.24 | -4.24 | -0.98% |
| ACN | 374.78 | -3.25 | -0.86% |
| LHX | 211.66 | -1.53 | -0.72% |
| PSN | 80.61 | -0.56 | -0.69% |
