Executive Mosaic’s GovCon Index ends sharply lower at $4,780.55 (-0.80%), erasing its modest gains Thursday. Heightened tension in the Middle East sent Wall Street crashing. The blue-chip Dow Jones Industrial Average (-1.24%) shed 475 points, and the S&P 500 sank 1.46%, while the Nasdaq Composite (-1.62%) fell from its record.
Fear gripped markets as Iran warned of a retaliatory attack on Israel Friday. It was also the start of another earnings season with major banks on tap to present financial results. JPMorgan (NYSE: JPM) tumbled 6.47% following a conservative net interest income projection for the full year 2024. Citigroup (NYSE: C) slipped 1.70% after reporting a 27% year-over-year decline in net income in Q1 2024 versus Q1 2023.
Wall Street lost momentum before the weekend, with 91% of NYSE stocks and 79% of Nasdaq constituents closing in red territory. The GovCon Index also suffered losses, as 27 or 90% of its members declined. Only BAE Systems, General Dynamics (NYSE: GD), and L3Harris Technologies (NYSE: LHX) survived the market selloff.
Top decliners Fluor Corporation (NYSE: FLR), Carlyle Group (Nasdaq: CG), and Accenture (NYSE: ACN) fell more than 3%. Boeing (NYSE: BA) dropped 2.2%, extending its losing streak to ten days.
On Friday, the U.S. Air Force Installation Contracting Agency awarded Fluor Corporation a task order for Pavement and Transportation Support. from the U.S. Air Force Installation Contracting Agency. The cost-plus and fixed-fee task order is under the Air Force Contract Augmentations Program, and the approximately $409 million task order has a 60-month period of performance.
Besides sticky inflation, the brewing military conflict in the Middle East could thwart or stall Wall Street’s bull run. Experts, including Bank of America (NYSE: BAC) and Deutsche Bank AG economists, see a potential rate cut in the latter part of 2024 or December, not earlier.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,780.55 | -38.06 | -0.80% |
| Dow Jones Industrial Average | 37,983.24 | -475.84 | -1.24% |
| S&P 500 | 5,123.41 | -75.65 | -1.46% |
| NASDAQ | 16,175.09 | -267.11 | -1.62% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAESY | 66.26 | 0.81 | 1.24% |
| GD | 287.87 | 0.37 | 0.13% |
| LHX | 202.62 | 0.23 | 0.11% |
| CACI | 367.74 | -0.04 | -0.01% |
| BAH | 144.09 | -0.11 | -0.08% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAESY | 66.26 | 0.81 | 1.24% |
| GD | 287.87 | 0.37 | 0.13% |
| LHX | 202.62 | 0.23 | 0.11% |
| KTOS | 18.21 | -0.02 | -0.11% |
| CACI | 367.74 | -0.04 | -0.01% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 40.85 | -1.37 | -3.24% |
| CG | 45.79 | -1.44 | -3.05% |
| ACN | 315.4 | -9.79 | -3.01% |
| SAIC | 123.58 | -2.78 | -2.20% |
| BA | 169.55 | -3.81 | -2.20% |
