Executive Mosaic’s GovCon Index rose 1.08% to $4,786.97 after its higher-priced stocks outperformed. Market volatility remained elevated due to the escalating Mid-East strife. The Nasdaq Composite (-2.05%) lost nearly 320 points, and the S&P 500 sank 0.88%, while the Dow Jones Industrial Average (+0.56%) ended above water.
The pullback of tech giants, led by NVIDIA (Nasdaq: NVDA), Netflix (Nasdaq: NFLX), and Meta Platforms (Nasdaq: META) weighed on Wall Street. Super Micro Computers (Nasdaq: SMCI) tanked 23.14% after it missed providing preliminary quarterly results. Dow Jones component American Express (NYSE: AXP) popped 6.23% on better-than-expected first-quarter earnings.
Twenty-four stocks on the GovCon Index posted gains, Fluor Corporation (NYSE: FLR) was flat, and six finished in negative territory. Top defense names Lockheed Martin (NYSE: LMT), RTX (NYSE: RTX), and Northrop Grumman (NYSE: NOC) led gainers.
Palantir Technologies (NYSE: PLTR) fell 3.12%, extending its losing streak to six sessions. The day’s second-worst performer, Mercury Systems (Nasdaq: MRCY), obtained a production deal from BlueHalo. The latter secured a $1.4 billion contract for the U.S. Space Force’s Satellite Communication Augmentation Resource program.
On Friday, the U.S. Air Force awarded Lockheed Martin Rotary and Mission Systems, a Lockheed Martin business segment, an $88.38 million Captains of Industry contract to overhaul the B-2 digital receiver and legacy defense message system.
Four of the “Magnificent Seven” will join prime defense contractors on center stage for their quarterly earnings presentations in the coming week. Because of the ongoing military conflict and higher government military spending, market analysts expect U.S. defense stocks to show better results and trend higher. Most of them advanced after Israel’s retaliatory missile attack on Iran before the trading session.
Meanwhile, the U.S. Feds’ blackout period has begun April 20. Federal Open Market Committee participants and central bank officials can only speak publicly or grant interviews on May 2. The FOMC meeting is from April 30 to May 1.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,786.97 | 51.53 | 1.08% |
| Dow Jones Industrial Average | 37,986.40 | 211.02 | 0.56% |
| S&P 500 | 4,967.23 | -43.89 | -0.88% |
| NASDAQ | 15,282.01 | -319.49 | -2.05% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.02 | 0.41 | 2.33% |
| AVAV | 150.02 | 3.32 | 2.26% |
| NOC | 462.58 | 10.08 | 2.23% |
| VVX | 48 | 1.01 | 2.15% |
| BAH | 142.14 | 2.63 | 1.89% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 462.58 | 10.08 | 2.23% |
| LMT | 463.87 | 7.78 | 1.71% |
| CACI | 369.38 | 5.32 | 1.46% |
| LHX | 205.45 | 3.37 | 1.67% |
| GD | 288.62 | 3.35 | 1.17% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 20.47 | -0.66 | -3.12% |
| MRCY | 27.98 | -0.33 | -1.17% |
| TTEK | 184.67 | -2.16 | -1.16% |
| PSN | 77.49 | -0.31 | -0.40% |
| BA | 169.82 | -0.41 | -0.24% |
