Executive Mosaic’s GovCon Index drifts moderately higher to $4,915.21, gaining 0.21% to start the week. Strong corporate earnings prop Wall Street, with the S&P 500 (+0.32%) and Nasdaq Composite (+0.35%) rising to two-week highs. The blue-chip Dow Jones Industrial Average (+0.38%) gained 146 points.
About one-third of S&P 500 companies will present their quarterly earnings this week, including a pair of “Magnificent Seven” stocks: Apple (Nasdaq: AAPL) and Amazon.com (Nasdaq: AMZN). Tesla (Nasdaq: TSLA), the day’s market-mover, popped 15.31% on news the electric carmaker passed data security tests in China and will expand partnership with Baidu (Nasdaq: BIDU). The share of the Chinese tech giant rose 5.62%.
Boeing (NYSE: BA) outperformed with +3.75% to lead 23 advancers on the GovCon Index. The plane maker received $77 billion in orders following a $10 billion bond sale Monday. Accenture (NYSE: ACN) and Kratos Defense & Security Solutions (Nasdaq: KTOS), two of the seven underperformers, declined more than one percent.
The U.S. Navy awarded BAE Systems Norfolk Ship Repair a $87.3 million firm-fixed-price contract action for maintenance, modernization, and repair of USS Carter Hall fiscal 2024 docking selected restricted availability. BAE Systems Land & Armaments also secured an $18.5 million cost-plus-fixed-fee and cost-only modification to the previously awarded contract to exercise options for MK 41 Vertical Launching Systems Mechanical Design Agent.
Also, on Monday, Research and Market released the “Cyber Weapons Global Market Report 2024.” The report says the cyber weapons industry will grow by over $5 billion from 2024 to 2028. GCI constituents Boeing, RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and General Dynamics (NYSE: GD) are the leading players.
The Federal Open Market Committee will meet on Tuesday, followed by the rate decision on Wednesday. Most economists and market analysts expect no rate cut and the policymakers to keep interest rates in check at 5.25% to 5.50% due to stubborn inflation.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,915.21 | 35.30 | 0.72% |
| Dow Jones Industrial Average | 38,386.09 | 146.43 | 0.38% |
| S&P 500 | 5,116.17 | 16.21 | 0.32% |
| NASDAQ | 15,983.08 | 55.18 | 0.35% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 173.49 | 6.27 | 3.75% |
| ICFI | 144.37 | 2.48 | 1.75% |
| BAH | 147.58 | 2.45 | 1.69% |
| PLTR | 22.83 | 0.31 | 1.38% |
| LMT | 467.55 | 6.26 | 1.36% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 173.49 | 6.27 | 3.75% |
| LMT | 467.55 | 6.26 | 1.36% |
| NOC | 486.22 | 5.77 | 1.20% |
| GD | 287.79 | 3.38 | 1.19% |
| CW | 257 | 2.99 | 1.18% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 303.16 | -4.85 | -1.57% |
| KTOS | 18.66 | -0.20 | -1.06% |
| GIB | 102.14 | -1.00 | -0.97% |
| VVX | 49.59 | -0.47 | -0.94% |
| PSN | 79.36 | -0.37 | -0.46% |
