Executive Mosaic’s GovCon Index ends slightly higher at $5,011.61 on a meager gain (+0.07%). All three major U.S. stock indexes also advanced, with the Nasdaq Composite (+0.75%) notching a record close. The blue-chip Dow Jones (+0.32%) recovered from Monday’s losses, while the S&P 500 (+0.48%) had a five-week high.
Meme stocks GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) were the top gainers for the second straight day, popping 60.1% and 31.98%, respectively. BlackBerry (NYSE: BB), another beneficiary of the meme phenomenon in 2021, rose 11.94%.
The bright spot on the GovCon Index was the 17 gainers versus 13 decliners. AeroVironment’s (Nasdaq: AVAV) year-to-date gain climbed to 54.13% following its 3.73% gain. Booz Allen Hamilton (NYSE: BAH) and V2X (NYSE: VVX) led the underperformers.
Tetra Tech (Nasdaq: TTEK) joined the gainers, rising 1.33% after sharing its 2030 financial targets. The high-end consulting and engineering services provider forecasts compounded annual revenue growth from 10% to 15%. Moreover, annual cash flow from operations should be greater than net income in six years.
Meanwhile, the U.S. Army awarded Northrop Grumman (NYSE: NOC) Defense Systems Sector a $49 million modification to the Integrated Air and Missile Defense Battle Command System contract.
On Tuesday, the Department of Labor released the producer price index report, which showed a 2.2% increase in wholesale prices in the 12 months ending April. It was the most significant increase in a year. The core PPI, which excludes food and energy, rose by 0.5% last month.
Persistent inflation has been a headwind for stocks lately. However, Fed Chairman Jerome Powell assures that a rate hike is not on the table. He made the comment at the annual general meeting of the Foreign Bankers’ Association in Amsterdam. “Is inflation going to be more persistent going forward? I don’t think we know that yet. I think we need more than a quarter’s worth of data to really make a judgment on that,” Powell added.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,011.61 | 3.75 | 0.07% |
| Dow Jones Industrial Average | 39,558.11 | 126.60 | 0.32% |
| S&P 500 | 5,246.68 | 25.26 | 0.48% |
| NASDAQ | 16,511.18 | 122.94 | 0.75% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 194.26 | 6.98 | 3.73% |
| KTOS | 20.06 | 0.54 | 2.77% |
| PLTR | 21.44 | 0.50 | 2.39% |
| CG | 42.3 | 0.58 | 1.39% |
| TTEK | 212.96 | 2.80 | 1.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 194.26 | 6.98 | 3.73% |
| TTEK | 212.96 | 2.80 | 1.33% |
| BA | 180.76 | 2.32 | 1.30% |
| CW | 274.48 | 1.47 | 0.54% |
| MMS | 86.4 | 1.13 | 1.33% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAH | 149.06 | -2.76 | -1.82% |
| VVX | 46.44 | -0.69 | -1.46% |
| HII | 251.51 | -2.42 | -0.95% |
| ICFI | 146.5 | -1.32 | -0.89% |
| LMT | 467.18 | -3.38 | -0.72% |
