Executive Mosaic’s GovCon Index edged 0.11% higher to $4,885.96 compared to the moderate losses of Wall Street’s Big Three. The Dow Jones Industrial Average (-0.41%), S&P 500 (-0.31%), and the Nasdaq Composite (-0.27%) took a breather after recording their best week in 2024 last week.
Nasdaq constituents United Airlines (Nasdaq: UAL) and Intel (Nasdaq: INTC) fell due to adverse news. The airline company shed $600 million in market cap after the Federal Aviation Administration opened a probe on safety and operations. New China guidelines will no longer allow Intel chips in its government servers and computers.
On the GovCon Index, advancers (15) and decliners (15) were evenly matched. The top performers were AeroVironment (Nasdaq: AVAV), Kratos Defense & Security Solutions (Nasdaq: KTOS), and Palantir Technologies (NYSE: PLTR). CGI (NYSE: GIB) and Honeywell (NYSE: HON) led the losing bunch.
Palantir Technologies (+1.36%) is now up 42.75% year-to-date, and the current share price of $24.51 is 198.9% higher than a year ago. The company’s artificial intelligence platform continues to attract commercial customers. Market analysts see an enormous growth potential due to the AI wave.
Boeing (NYSE: BA) was also among the GCI gainers. The stock rose 1.36% on news of a leadership change. The airplane manufacturer announced that David Calhoun, its president and CEO, will step down at year-end 2024 and the search for a new one has begun.
On March 25, 2024, the U.S. Special Operations Command awarded Boeing a $96.22 million firm-fixed-price modification to an existing delivery order placed under a basic ordering agreement to procure an MH-47G renew build for rotary-wing aircraft. This additional award increased the obligated amount to $404.7 million.
Investors remain upbeat to start the shortened week because the U.S. Federal Reserve has confirmed three rate cuts in 2024.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,885.96 | 5.31 | 0.11% |
| Dow Jones Industrial Average | 39,313.64 | -162.26 | -0.41% |
| S&P 500 | 5,218.19 | -15.99 | -0.31% |
| NASDAQ | 16,384.47 | -44.35 | -0.27% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 152.13 | 3.22 | 2.16% |
| KTOS | 17.79 | 0.29 | 1.66% |
| PLTR | 24.51 | 0.33 | 1.36% |
| BA | 191.41 | 2.56 | 1.36% |
| VVX | 44.3 | 0.58 | 1.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 373.74 | 3.54 | 0.96% |
| AVAV | 152.13 | 3.22 | 2.16% |
| BA | 191.41 | 2.56 | 1.36% |
| SAIC | 127.25 | 0.74 | 0.58% |
| VVX | 44.3 | 0.58 | 1.33% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GIB | 109.58 | -1.75 | -1.57% |
| HON | 198.48 | -2.25 | -1.12% |
| ACN | 333.82 | -3.68 | -1.09% |
| FLR | 40.74 | -0.42 | -1.02% |
| BAH | 146.13 | -1.48 | -1.00% |
