Executive Mosaic’s GovCon Index edged 0.08% higher to $4,894.92, clinging to gains. All three major U.S. stock indexes overcame the headwind and ended positive. Tech stocks rallied to help the Nasdaq Composite rise 1.5%. The Dow Jones Industrial Average (+0.85%) and S&P 500 (+0.91%) trimmed their losses.
About 78% of NYSE stocks advanced Thursday. Carvana (NYSE: CVNA) soared 33.77% after the used car seller reported record-setting first-quarter results. Moderna (Nasdaq: MRNA) and Amazon.com (Nasdaq: AMZN) were the top gainers on the tech-heavy index. Food delivery company DoorDash (Nasdaq: DASH) tumbled 10.32% due to wider quarterly losses and lower full-year forecasts.
GovCon Index held on to its gain as 21 stocks finished in positive territory, bannered by Tetra Tech (Nasdaq: TTEK), Boeing (NYSE: BA) and V2X (NYSE: VVX). HII (NYSE: HII) plunged 11.5% to lead the losing bunch.
Tetra Tech reported new records in revenue, EBITDA, and earnings per share in Q2 fiscal 2024. The U.S. federal government accounted for 31% of net revenue for the quarter. Also, the $4.74 billion backlog was the consulting and engineering services firm’s largest second-quarter backlog. Recent key wins by Tetra Tech include the $464 million multiple-award U.S. Army Environmental Remediation Services contract.
Boeing, Dow Jones’ top performer, popped 4.3% as investors welcomed its $10 billion bond sale and the $77 billion orders that followed. The U.S. Navy awarded V2X an $88 million firm-fixed-price contract, including option periods. The contract supports the operation and maintenance of Navy communication, electronic, and computer systems of the Naval Computer and Telecommunications Area Master Station Pacific.
Military shipbuilder and all-domain defense provider HII tumbled despite reporting a record $2.8 billion revenue in Q1, an 18.6% year-over-year increase in net earnings to $153 million, and a $48.4 billion in backlog. However, negative free cash flow reached $274 million. Nonetheless, escalating global tensions drive demand for aircraft carriers and submarines.
Rate-cut uncertainties and inflation-related economic reports continue to influence market movement. Fed Chairman Jerome Powell said Wednesday that interest rates will remain high because of the lack of progress in lowering inflation. The April jobs report and unemployment data will come out Friday.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,894.92 | 3.86 | 0.08% |
| Dow Jones Industrial Average | 38,225.66 | 322.37 | 0.85% |
| S&P 500 | 5,064.20 | 45.81 | 0.91% |
| NASDAQ | 15,840.96 | 235.48 | 1.51% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 204.26 | 11.77 | 6.11% |
| BA | 178.85 | 7.39 | 4.31% |
| VVX | 51.65 | 1.90 | 3.82% |
| GIB | 102.11 | 2.75 | 2.77% |
| MRCY | 29.34 | 0.68 | 2.37% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 204.26 | 11.77 | 6.11% |
| BA | 178.85 | 7.39 | 4.31% |
| CW | 262.93 | 5.95 | 2.32% |
| CACI | 410.96 | 3.26 | 0.80% |
| AVAV | 165.72 | 3.19 | 1.96% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 245.19 | -31.87 | -11.50% |
| NOC | 475 | -11.37 | -2.34% |
| CG | 40.58 | -0.39 | -0.95% |
| HON | 193.64 | -1.66 | -0.85% |
| KTOS | 18.09 | -0.10 | -0.55% |
