Executive Mosaic’s GovCon Index advanced 0.74% to $4.919.04. All three major U.S. stock indexes jumped following a clear direction of interest rates. The Nasdaq Composite climbed 0.89%, while the Dow Jones Industrial Average (+1.03%) and S&P 500 (+0.89%) closed at new all-time highs.
The market mood changed from gloom to boom after two-day Federal Open Market Committee meeting. Around 81% and 73% of NYSE and Nasdaq stocks advanced mid-week. Ford Motor (NYSE: F) popped 4.88% after the easing of emission standards. The ten-year Treasury yield fell nearly 3 basis points to 4.28%.
Like on Tuesday, 24 GovCon Index stocks advanced, although one or Leidos (NYSE: LDOS), was flat. Boeing (NYSE: BA), Palantir Technologies (NYSE: PLTR), and Carlyle Group (Nasdaq: CG) were the top winning stocks. CACI International (NYSE: CACI) and Maximus (NYSE: MMS) led the five unlucky ones.
Boeing, a GCI and Dow Jones component, climbed 3.67% after its CFO, Brian West, revealed how the airplane manufacturer is fixing safety standard concerns. However, West also said the company expects a $4.5 billion cash drain in Q1 2024.
On March 20, 2024, the U.S. Army awarded General Dynamics Information Technology, a part of General Dynamics (NYSE: GD), a $55.25 million time-and-materials contract for sustainment and technical support services for U.S. Army Intelligence and Security Command.
CACI secured a single-award technology task order of up to $239 million to modernize the U.S. Army’s Global Secret Internet Protocol Router network. It also includes the application of commercial solutions for classified technology to increase options for secure user access and mobility.
As anticipated, the press conference of Fed Chairman Jerome Powell was the market mover. He said the FOMC projects three rate cuts this year, possibly 25 basis points per cut, with a year-end target rate of 4.625%. The forecast by the end of 2025 is 3.9%.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,919.04 | 36.61 | 0.74% |
| Dow Jones Industrial Average | 39,512.13 | 401.37 | 1.03% |
| S&P 500 | 5,224.62 | 46.11 | 0.89% |
| NASDAQ | 16,369.41 | 202.62 | 1.25% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 187.78 | 6.64 | 3.67% |
| PLTR | 24.57 | 0.77 | 3.24% |
| CG | 46.38 | 1.18 | 2.61% |
| AVAV | 149.18 | 3.50 | 2.40% |
| KTOS | 17.51 | 0.37 | 2.16% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 187.78 | 6.64 | 3.67% |
| AVAV | 149.18 | 3.50 | 2.40% |
| NOC | 470.75 | 3.27 | 0.70% |
| LMT | 440.41 | 3.22 | 0.74% |
| GD | 282.55 | 2.85 | 1.02% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 368.7 | -1.63 | -0.44% |
| MMS | 83.38 | -0.32 | -0.38% |
| KBR | 60.38 | -0.05 | -0.08% |
| VVX | 43.57 | -0.03 | -0.07% |
| RTX | 94.85 | -0.01 | -0.01% |
