Executive Mosaic’s GovCon Index had another down day, closing 0.88% lower at $4,886.33. Wall Street retreated from record territory, with the Dow Jones Industrial Average (-1.0%) and S&P 500 (-0.72%) posting their worst day in nearly a month. The tech-heavy Nasdaq Composite (-0.95%) slumped on the weakness of semiconductor stocks.
The ten-year Treasury yield rose 3.4 basis points to 4.363%, the highest since Nov. 27 based on the Dow Jones Market Data. More than 70% of NYSE and NASDAQ stocks declined on the second trading session of April. However, the energy sector gained ground as crude oil prices hits a six-month high.
The benchmark Brent rose above $89 per barrel for the first time since October. Oil refiners Phillips 66 (NYSE: PSX) and Marathon Petroleum (NYSE: MPC) advanced more than 3%. Tesla (Nasdaq: TSLA) sank 4.9% after reporting a significant decline in deliveries in Q1 2024.
On the GovCon Index, decliners overwhelmed gainers. RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and Tetra Tech (Nasdaq: TTEK) were the only gainers. Mercury Systems (Nasdaq: MRCY) and AeroVironment (Nasdaq: AVAV) slipped 3.44% and 2.39% to lead the 27 decliners.
The Air Force Life Cycle Management Center in Hill Air Force Base, Utah, awarded Lockheed Martin’s Aeronautics business unit a contract for its F-16 aircraft program.Regarding the $33.8 million contract, Lockheed will provide engineering and technical services, support and sustainment, configuration management and programmatic support for the F-16 Weapon System.
The U.S. Navy awarded General Dynamics (NYSE: GD) Mission Systems a $33.6 million cost-plus-fixed-fee term contract for design agent and lifecycle sustainment services supporting the Independence Variant Littoral Combat Ship Combat System.
Also, on Tuesday, Cleveland Fed Bank President Loretta Mester and San Francisco Fed Bank President Mary Daly said three rate cuts in 2024 are reasonable forecasts but not guaranteed. According to the CME FedWatch tool, the odds for a June rate cut are down to 63% from 70%.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,886.33 | -42.79 | -0.88% |
| Dow Jones Industrial Average | 39,170.24 | -396.61 | -1.00% |
| S&P 500 | 5,205.81 | -37.96 | -0.72% |
| NASDAQ | 16,240.45 | -156.38 | -0.95% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 98.55 | 0.79 | 0.81% |
| LMT | 453.24 | 0.45 | 0.10% |
| TTEK | 188.97 | 0.06 | 0.03% |
| HII | 287.47 | -0.13 | -0.05% |
| CG | 46.36 | -0.04 | -0.09% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 98.55 | 0.79 | 0.81% |
| LMT | 453.24 | 0.45 | 0.10% |
| TTEK | 188.97 | 0.06 | 0.03% |
| CG | 46.36 | -0.04 | -0.09% |
| VVX | 45.88 | -0.10 | -0.22% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 28.11 | -1.00 | -3.44% |
| AVAV | 145.85 | -3.57 | -2.39% |
| MMS | 80.79 | -1.58 | -1.92% |
| ICFI | 146.94 | -2.78 | -1.86% |
| BAESY | 68.01 | -1.19 | -1.72% |
