Executive Mosaic’s GovCon Index rose 0.46% to start the week and ended above $5,000 for the fourth time this year. Among the three major indexes, only the Dow Jones Industrial Average (+0.67%) advanced. Slumping tech stocks pulled down the Nasdaq Composite (-1.09%), while the S&P 500 (-0.31%) ticked lower.
Erstwhile hot stocks Super Micro Computer (Nasdaq: SMCI) and NVIDIA (Nasdaq: NVDA) were the biggest losers on the tech-heavy index, dropping 8.65% and 6.68%, respectively. It was also NVIDIA’s second-worst day since 2022. Alnylam Pharmaceuticals (Nasdaq: ALNY) soared 34.52% to $222.90 on encouraging Phase III results of Vutrisiran, its drug candidate for treating heart disease.
ICF (Nasdaq: ICFI), BAE Systems, and Tetra Tech (Nasdaq: TTEK) led the charge of 21 GovCon Index components. However, RTX (NYSE: RTX), V2X (NYSE: VVX), and seven other GCI stocks underperformed.
Tetra Tech, a high-end consulting and engineering services firm, announced an $85 million increase to its single-award contract with the U.S. Agency for International Development, or USAID. The contract aims to strengthen energy security in the Republic of Moldova.
V2X secured a $265 million contract with NASA’s Johnson Space Center. The provider of critical mission support to defense clients will deliver technical support to ensure the reliability of the integrated hardware and software systems utilized at the Neutral Buoyancy Laboratory.
Boeing (NYSE: BA) gained 1.44% despite prosecutors urging the Department of Justice to file criminal charges for safety issues. The plane maker is also bidding to acquire Spirit AeroSystems, but unconfirmed reports say the offer has changed from cash to a stock deal.
The U.S. Navy awarded L3Harris Technologies (NYSE: LHX) an indefinite-delivery/indefinite-quantity contract for the production, retrofits, development, and sustainment of the Multifunctional Information Distribution System Joint Tactical Radio Systems terminals. This contract has a maximum potential value of $998.8 million.
Investors will await the economic reports this week, particularly the Personal Consumption Expenditures and core PCE index, the Feds’ preferred inflation gauge. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said Monday that policymakers should not loosen its monetary policy too early nor hold it too long.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,002.25 | 23.08 | 0.46% |
| Dow Jones Industrial Average | 39,411.21 | 260.88 | 0.67% |
| S&P 500 | 5,447.87 | -16.75 | -0.31% |
| NASDAQ | 17,496.82 | -192.54 | -1.09% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 146.39 | 5.95 | 4.24% |
| BAESY | 68.41 | 1.27 | 1.89% |
| TTEK | 214.91 | 3.91 | 1.85% |
| PSN | 79.49 | 1.40 | 1.79% |
| BAH | 157.22 | 2.37 | 1.53% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 146.39 | 5.95 | 4.24% |
| LMT | 471.51 | 3.91 | 0.84% |
| TTEK | 214.91 | 3.91 | 1.85% |
| BA | 179.1 | 2.54 | 1.44% |
| BAH | 157.22 | 2.37 | 1.53% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 101.96 | -3.65 | -3.46% |
| VVX | 48.57 | -1.15 | -2.31% |
| KTOS | 20.48 | -0.17 | -0.82% |
| FLR | 44.75 | -0.27 | -0.60% |
| ACN | 307.21 | -1.77 | -0.57% |
