Executive Mosaic’s GovCon Index reversed Wednesday’s gain, falling 0.78% to $4,907.98. The Dow Jones Industrial Average (-0.17%) weakened further for its third straight daily loss. However, despite modest gains, the S&P 500 (+0.23%) and Nasdaq Composite (+0.34%) established new all-time closing highs.
Mega-cap tech stocks rallied to lift Nasdaq to another fresh record. Super Micro Computer Inc. (Nasdaq: SMCI) and Broadcom (Nasdaq: AVGO) led the charge with +12.44% and +12.27%, respectively. AI chip leader NVIDIA (Nasdaq: NVDA) advanced 3.52%. MicroStrategy (Nasdaq: MSTR) declined 7.74% after announcing it will borrow $500 million to add more Bitcoin (BTC-USD).
The GovCon Index dropped sharply as 28 of 30 stocks finished in red territory. Only L3Harris Technologies (NYSE: LHX) and Honeywell (NYSE: HON) advanced, although the gains were minuscule. Mercury Systems (Nasdaq: MRCY) and Palantir Technologies (NYSE: PLTR) were the worst performers.
On Thursday, the U.S. Navy awarded Northrop Grumman’s (NYSE: NOC) Mission Systems business sector a $244.7 million firm-fixed-price modification to a previously awarded contract to exercise an option for production of Surface Electronic Warfare Improvement Program Block 3 electronic attack hemisphere systems and ancillary hardware equipment.
Meanwhile, the Canadian Armed Forces awarded General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), and its partner, Marshall Canada, a $1.89 billion Logistics Vehicle Modernization contract. Under the LVM contract, the joint venture partners will supply the CAF with around 500 heavy trucks.
Also on Thursday, the Labor Department’s Bureau of Labor Statistics released the producer price index. PPI, or the measure of wholesale prices, declined 0.2% in May compared to the 0.5% increase in April. The core PPI, excluding food and energy prices, remained at 2.3%. Market analysts say the latest CPI and PPI data could buoy investor sentiment.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,907.98 | -38.44 | -0.78% |
| Dow Jones Industrial Average | 38,647.10 | -65.11 | -0.17% |
| S&P 500 | 5,433.74 | 12.71 | 0.23% |
| NASDAQ | 17,667.56 | 59.12 | 0.34% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LHX | 219.2 | 0.23 | 0.10% |
| HON | 208.63 | 0.13 | 0.06% |
| LMT | 458.56 | -0.55 | -0.12% |
| BAESY | 71.3 | -0.12 | -0.17% |
| LDOS | 144.15 | -0.43 | -0.30% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LHX | 219.2 | 0.23 | 0.10% |
| HON | 208.63 | 0.13 | 0.06% |
| BAESY | 71.3 | -0.12 | -0.17% |
| KTOS | 20.09 | -0.37 | -1.81% |
| LDOS | 144.15 | -0.43 | -0.30% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 28.82 | -1.38 | -4.57% |
| PLTR | 23.27 | -0.50 | -2.10% |
| VVX | 45.7 | -0.90 | -1.93% |
| ICFI | 140.6 | -2.76 | -1.93% |
| KTOS | 20.09 | -0.37 | -1.81% |
