Executive Mosaic’s GovCon Index turned positive again after drifting 0.17% higher to $4.906.30. All the major U.S. indexes reacted favorably to the latest inflation data, with the Nasdaq Composite (+1.54%) leading the rally. The S&P 500 (+1.12%) recorded another record close, while the Dow Jones Industrial Average gained 0.61%.
Oracle (NYSE: ORCL) outperformed on the S&P 500 with an 11.75% gain, while chipmaker NVIDIA (Nasdaq: NVDA) climbed 7.16% to top the tech-heavy index. The 3M Company (NYSE: MMM) rose 4.97% to lead Dow Jones advancers.
On the GovCon Index, 18 of 30 constituents charged higher. The top advancers were Accenture (NYSE: ACN), BAE Systems, and AeroVironment (Nasdaq: AVAV). Boeing (NYSE: BA), Palantir Technologies (NYSE: PLTR), and Mercury Systems (Nasdaq: MRCY) led one dozen decliners.
The U.S. Army awarded BAE Systems Land & Armaments a $317.9 million cost-plus-fixed-fee contract to continue its system technical services for M109 Family of Vehicles. M109 vehicles carry a 155-mm howitzer and is the principal self-propelled artillery support for Army divisions.
GCI stock and Dow Jones component Boeing slumped anew, falling 4.29% to $184.24. According to a New York Times report, the Federal Aviation Administration audited the aircraft manufacturer. The FAA reviewed 89 aspects of production, and Boeing failed in 33. With this latest drop, the stock’s year-to-date loss is now nearly 30%.
Tuesday’s rally was triggered by the slightly stronger-than-expected U.S. Consumer Price Index report and core CPI data. Both increased by an identical 0.4% in February and were one-tenth of a percentage point higher than forecast. However, market analysts say the latest inflation data reinforces the U.S. Fed’s decision to delay rate cuts.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,906.30 | 8.45 | 0.17% |
| Dow Jones Industrial Average | 39,005.49 | 235.83 | 0.61% |
| S&P 500 | 5,175.27 | 57.33 | 1.12% |
| NASDAQ | 16,265.64 | 246.37 | 1.54% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 380.48 | 7.26 | 1.95% |
| BAESY | 66.51 | 0.93 | 1.42% |
| AVAV | 162.01 | 2.12 | 1.33% |
| FLR | 37.73 | 0.45 | 1.21% |
| PSN | 81.12 | 0.79 | 0.98% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 380.48 | 7.26 | 1.95% |
| CW | 239.89 | 2.30 | 0.97% |
| AVAV | 162.01 | 2.12 | 1.33% |
| HII | 290.16 | 1.63 | 0.56% |
| CACI | 373.52 | 1.46 | 0.39% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 184.24 | -8.25 | -4.29% |
| PLTR | 24.7 | -0.65 | -2.56% |
| MRCY | 30.21 | -0.72 | -2.33% |
| RTX | 89.95 | -1.45 | -1.59% |
| KTOS | 17.93 | -0.21 | -1.16% |
