Executive Mosaic’s GovCon Index stayed positive at $4,911.75 after a modest 0.11% gain. However, it was a mixed close at Wall Street. The Dow Jones Industrial Average (+0.10%) gained, while the S&P 500 (-0.19%) and Nasdaq Composite (-0.54%) drifted lower.
The Dow Jones got support from 3M’s (NYSE: MMM) 5.49% gain. Seven other blue-chip components, including Goldman Sachs (NYSE: GS), rose more than 1%. Top semiconductor stocks Advanced Micro Devices (Nasdaq: AMD) and NVIDIA (Nasdaq: NVDA) slipped and pulled the tech-heavy index. Also, 50% of Nasdaq stocks finished in the red.
The GovCon Index stayed afloat as more than half of its 30 constituents posted gains. Fluor Corporation (NYSE: FLR) and Parsons (NYSE: PSN) led 19 advancers. The top decliners, all Nasdaq members too, were Kratos Defense & Security Solutions (Nasdaq: KTOS), the Carlyle Group (Nasdaq: CG), and Mercury Systems (Nasdaq: MRCY).
On March 13, the U.S. Army awarded BAE Systems Land and Armaments a $754.3 million modification contract to procure Armored Multi-Purpose Vehicles. The Naval Air Systems Command awarded Northrop Grumman Systems, a Northrop Grumman (NYSE: NOC) business unit, a $19.3 million modification contract involving its MQ-4C Triton aircraft.
Also, on Wednesday, an international customer placed an order with HII (NYSE: HII) for a REMUS 620 unmanned underwater vehicle. HII’s Mission Technologies Division will build the medium-class UVV for the unnamed client from the Indo-Pacific Region.
Market analysts note that Treasury bond yields have moved higher from January lows due to persistent inflation. The ten-year yield rose 0.04% to about 4.19% mid-week. Data on the February retail sales report, producer price index, and core PPI coming out Thursday could exert pressure on markets.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,911.75 | 5.45 | 0.11% |
| Dow Jones Industrial Average | 39,043.32 | 37.83 | 0.10% |
| S&P 500 | 5,165.31 | -9.96 | -0.19% |
| NASDAQ | 16,177.77 | -87.87 | -0.54% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 38.45 | 0.72 | 1.91% |
| PSN | 82.45 | 1.33 | 1.64% |
| VVX | 44.72 | 0.62 | 1.41% |
| SAIC | 143.55 | 1.79 | 1.26% |
| PLTR | 25 | 0.30 | 1.21% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LHX | 215.72 | 2.12 | 0.99% |
| SAIC | 143.55 | 1.79 | 1.26% |
| J | 150.64 | 1.46 | 0.98% |
| PSN | 82.45 | 1.33 | 1.64% |
| ICFI | 153.69 | 1.08 | 0.71% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 17.54 | -0.39 | -2.18% |
| CG | 46.37 | -0.65 | -1.38% |
| MRCY | 29.85 | -0.36 | -1.19% |
| MMS | 84.01 | -0.95 | -1.12% |
| BA | 182.35 | -1.89 | -1.03% |
