Executive Mosaic’s GovCon Index made a significant leap, surging 1.2% to $4,942.61 as markets regained momentum. Wall Street’s main stock indexes settled higher, with the Dow Jones Industrial Average gaining 477.75 points (+1.22%). The S&P 500 (+0.86%) marked a new all-time high, while the Nasdaq Composite (+0.51%) finished near its record.
Merck & Co. (NYSE: MRCK) was the headline stock on the blue-chip Dow Jones, rising 4.96% after obtaining FDA approval for Winrevair, a drug for the treatment of pulmonary arterial hypertension. Chipmaker NVIDIA (Nasdaq: NVDA) fell for the second straight day, although 71% of Nasdaq constituents advanced.
On the GovCon Index, Mercury Systems (Nasdaq: MRCY) popped 5.6% to lead 25 advancers. Seven gainers, led by KBR (NYSE: KBR) and V2X (NYSE: VVX), rose over 2%. Only Palantir Technologies (NYSE: PLTR) among the five decliners sank more than 1%.
Lockheed Martin (NYSE: LMT), also a gainer, was awarded a $439.88 million firm-fixed-price modification to a previously awarded indefinite-delivery/indefinite-quantity contract by the U.S. Navy. This modification is related to the service support for the Air Force, Marine Corps and Navy.
Also on Wednesday, the Navy awarded Raytheon, an RTX (NYSE: RTX) business, a $287 million modification to a previously awarded firm-fixed-price, cost-plus-incentive-fee, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract. This modification involves recertifying and modernizing 166 Tomahawk Block IV All-Up-Round Missiles.
GCI constituent and Dow Jones component Honeywell (NYSE: HON) announced its intention to make a voluntary tender offer to acquire all outstanding shares of Civitanavi Systems. By acquiring the navigation and timing technology firm, Honeywell hopes to strengthen its capabilities to help its customers create autonomous operations in aircraft and other vehicles.
There were no major economic reports mid-week, although the ten-year Treasury yield fell 3.8 basis points to 4.196% on rate cut expectations. However, Federal Reserve governor Chris Waller said in a speech in New York, “There is no rush to cut the policy rate.” He believes rates should remain high until inflation is on a sustainable downward trajectory.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,942.61 | 59.31 | 1.20% |
| Dow Jones Industrial Average | 39,760.08 | 477.75 | 1.22% |
| S&P 500 | 5,248.49 | 44.91 | 0.86% |
| NASDAQ | 16,399.52 | 83.82 | 0.51% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 28.86 | 1.53 | 5.60% |
| KBR | 63.13 | 1.70 | 2.77% |
| VVX | 46.37 | 1.18 | 2.61% |
| LMT | 456.78 | 10.79 | 2.42% |
| BA | 191.95 | 4.45 | 2.37% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 456.78 | 10.79 | 2.42% |
| NOC | 477.36 | 7.45 | 1.59% |
| ACN | 340.94 | 4.55 | 1.35% |
| BA | 191.95 | 4.45 | 2.37% |
| CACI | 378.89 | 4.30 | 1.15% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 24.51 | -0.38 | -1.53% |
| AVAV | 149.28 | -1.48 | -0.98% |
| ICFI | 148.93 | -1.36 | -0.90% |
| BAESY | 69.72 | -0.53 | -0.75% |
| HII | 289.75 | -0.12 | -0.04% |
