Executive Mosaic’s GovCon Index closed lower at $4,880.45, a modest 0.19% loss that snapped its seven-week winning streak. Wall Street’s three main indexes posted negative returns before the weekend on inflation worries. Inflation reports, including the latest consumer price index, showed higher-than-expected readings.
The tech-heavy Nasdaq Composite Index shed nearly 1% despite the rebound of semiconductor stocks. Design software maker Adobe (Nasdaq: ADBE) reported 11% revenue growth in Q1 fiscal 2024, but shares tumbled -13.67% following a soft Q2 sales guidance.
Decliners outnumbered gainers on the GovCon Index. RTX (NYSE: RTX), Curtiss-Wright (NYSE: CW), and Boeing (NYSE: BA) were the top performers among 13 advancers. AeroVironment (Nasdaq: AVAV) skidded 6.01% to lead the losing bunch. Boeing rose 0.76% to snap its five-day losing streak.
On March 15, 2024, several GovCon companies secured contracts from the U.S. Armed Forces. The U.S. Navy awarded Northrop Grumman Systems, a Northrop Grumman (NYSE: NOC) subsidiary, a $55.2 million cost-plus-fixed-fee and cost modification to a previously awarded contract.
In addition to its Aeronautics unit securing a $21.8 million cost-plus-fixed-fee modification to a previously awarded contract with the U.S. Navy, Lockheed Martin (NYSE: LMT) has been awarded by the U.S. Air Force a $12.3 million contract modification to a previously awarded contract related to the F-35 A/B aircraft program.
General Dynamics’ (NYSE: GD) Mission Systems obtained a $30.2 million modification with the U.S. Army to a contract for the Tactical Airspace Integration System and Integrated Mission Planning and Airspace Control Tools.
Meanwhile, the Federal Open Market Committee will begin its two-day meeting on Tuesday, March 19, 2024. However, economists and traders expect the Feds to keep the current policy rate range of 5.25% to 5.5% unchanged.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,880.45 | -9.17 | -0.19% |
| Dow Jones Industrial Average | 38,714.77 | -190.89 | -0.49% |
| S&P 500 | 5,117.09 | -33.39 | -0.65% |
| NASDAQ | 15,973.17 | -155.36 | -0.96% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 92.93 | 1.17 | 1.28% |
| CW | 242.87 | 1.90 | 0.79% |
| BA | 182.53 | 1.38 | 0.76% |
| HII | 289.02 | 2.15 | 0.75% |
| TXT | 92.91 | 0.66 | 0.72% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 289.02 | 2.15 | 0.75% |
| CW | 242.87 | 1.90 | 0.79% |
| BA | 182.53 | 1.38 | 0.76% |
| HON | 197.69 | 1.34 | 0.68% |
| RTX | 92.93 | 1.17 | 1.28% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 148.6 | -9.50 | -6.01% |
| PLTR | 23.49 | -0.94 | -3.85% |
| MRCY | 28.75 | -0.66 | -2.24% |
| KTOS | 17.1 | -0.28 | -1.61% |
| CG | 44.58 | -0.57 | -1.26% |
