Executive Mosaic’s GovCon Index declined 0.42% to $4,886.91, its third daily loss in five sessions this week. The tech-heavy Nasdaq Composite (+0.12%) ended positive, while the blue-chip Dow Jones Industrial (-0.15%) and the benchmark S&P 500 (-0.04%) ticked lower. Wall Street lost steam, with 78% of NYSE stocks and 74% of Nasdaq components declining before the weekend.
Adobe (Nasdaq: ADBE) popped 14.51% after the software maker raised its earnings and sales guidance due to the strong demand for its generative AI digital media products. Luxury furniture retailer RH (NYSE: RH) plunged 17.08% after reporting an 81.9% year-over-year drop in earnings per share in Q1 2024.
Only Accenture (NYSE: ACN), Palantir Technologies (NYSE: PLTR), and three more stocks posted gains on the GovCon Index. BAE Systems and Boeing (NYSE: BA) led 25 decliners Friday. The day before, Bank of America (NYSE: BAC) upgraded its price target (11% upside) for Boeing.
The U.S. Navy awarded General Dynamics Bath Iron Works, a General Dynamics (NYSE: GD) subsidiary and one of its Marine Systems businesses, a $202.7 million cost-plus-award-fee contract for DDG 51 Class Planning Yard. The cumulative value could reach $1.1 billion with the options in the contract.
Lockheed Martin Missiles and Fire Control, one of Lockheed Martin’s (NYSE: LMT) core business areas, secured a $65.5 million cost-plus-incentive-fee contract for Phased Array Tracking to Intercept of Target Advanced Capability-3 software with the U.S. Army.
Economic data released during the week showed that inflation is moving in the desired direction. Minneapolis Federal Reserve President Neel Kashkari said a December rate cut is possible, while retiring Cleveland Fed President Loretta Mester sees the Feds hitting its 2% inflation target by 2026.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,886.91 | -20.67 | -0.42% |
| Dow Jones Industrial Average | 38,589.16 | -57.94 | -0.15% |
| S&P 500 | 5,431.60 | -2.14 | -0.04% |
| NASDAQ | 17,688.88 | 21.32 | 0.12% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 286.71 | 4.39 | 1.55% |
| PLTR | 23.57 | 0.30 | 1.29% |
| FLR | 44.64 | 0.29 | 0.65% |
| NOC | 424.09 | 0.67 | 0.16% |
| BAH | 150.42 | 0.01 | 0.01% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 286.71 | 4.39 | 1.55% |
| NOC | 424.09 | 0.67 | 0.16% |
| PLTR | 23.57 | 0.30 | 1.29% |
| FLR | 44.64 | 0.29 | 0.65% |
| BAH | 150.42 | 0.01 | 0.01% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 68.26 | -3.04 | -4.26% |
| BA | 177.27 | -3.43 | -1.90% |
| CG | 39.05 | -0.61 | -1.54% |
| KTOS | 19.8 | -0.29 | -1.44% |
| TTEK | 208.63 | -2.99 | -1.41% |
