Executive Mosaic’s GovCon Index, fresh from a seven-week winning streak, declined 0.91% to $4,893.55 Monday. Wall Street had a risk-off day, with the S&P 500 (-0.11%) and Nasdaq Composite (-0.41%) losing for the second consecutive session. The Dow Jones Industrial Average (+0.12%) struggled but ended in positive territory.
Social media giant Meta Platforms (Nasdaq: META), as well as chip stocks NVIDIA (Nasdaq: NVDA) and Advanced Micro Devices (Nasdaq: AMD), pulled the tech-heavy Nasdaq down. However, MicroStrategy (Nasdaq: MSTR) rose 4.11% after the AI-powered enterprise analytics software and services company announced increasing its Bitcoin (BTC-USD) holdings. The flagship cryptocurrency rose above US$70,000 last week.
The GovCon Index experienced heavy selling pressure, as evidenced by 23 decliners out of 30 stocks. AeroVironment (Nasdaq: AVAV), last week’s top GCI performer, fell 3.81%, while Boeing (NYSE: BA), also a Dow Jones constituent, dropped 3.02% owing to government investigations on safety and manufacturing quality issues. Jacobs (NYSE: J) and RTX (NYSE: RTX) led seven gainers, although they all had very modest gains.
The risk-off sentiment at the start of the week is an extension of the mixed reactions to the February jobs report released Friday. On Tuesday, the Bureau of Labor Statistics will present the latest Consumer Price Index and core CPI readings. Both inflation reports could influence the US Federal Reserve’s decision on interest rates this month and beyond.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,893.55 | -44.71 | -0.91% |
| Dow Jones Industrial Average | 38,769.66 | 46.97 | 0.12% |
| S&P 500 | 5,117.94 | -5.75 | -0.11% |
| NASDAQ | 16,019.27 | -65.84 | -0.41% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 147.85 | 0.92 | 0.63% |
| RTX | 91.4 | 0.52 | 0.57% |
| LMT | 434.75 | 1.85 | 0.43% |
| GD | 273.27 | 0.96 | 0.35% |
| GIB | 117.13 | 0.15 | 0.13% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 434.75 | 1.85 | 0.43% |
| GD | 273.27 | 0.96 | 0.35% |
| J | 147.85 | 0.92 | 0.63% |
| RTX | 91.4 | 0.52 | 0.57% |
| GIB | 117.13 | 0.15 | 0.13% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 159.89 | -6.34 | -3.81% |
| BA | 192.49 | -6.00 | -3.02% |
| PLTR | 25.35 | -0.69 | -2.65% |
| KTOS | 18.14 | -0.35 | -1.89% |
| VVX | 44.07 | -0.85 | -1.89% |
