Executive Mosaic’s GovCon Index rose 0.15% to $4,973.02 and averted a second straight day of losses. Cooling Jobs Opening and Labor Turnover Survey results in April buoyed investors’ sentiment. The Dow Jones Industrial Average (+0.35%), Nasdaq Composite (+0.17%), and S&P 500 (+0.15%) turned green at closing bell.
Cruise operators, led by Carnival (NYSE: CCL) and Norwegian Cruise Line (NYSE: NCLH) were among the day’s top gainers. However, industrial stocks Mohawk Industries (NYSE: MHK) and Stanley Black & Decker (NYSE: SWK) trended lower due to weak construction and manufacturing data.
The GovCon Index recovered from Monday’s losses as 14 of 30 components posted gains. Palantir Technologies (NYSE: PLTR) and Honeywell (Nasdaq: HON) were the top performers, while Mercury Systems (Nasdaq: MRCY), KBR (NYSE: KBR) and Kratos Defense & Security Solutions (Nasdaq: KTOS) fell more than 3% to lead the decliners.
Published reports said that J.A. Green & Co. is raising $100 million to form Anzu-Green Critical Technologies Fund with Anzu Partners. The Washington-based lobbying group supports tech-heavy clients like Palantir Technologies. The new venture capital fund will focus on companies supporting national security, including in artificial intelligence, quantum science and renewable energy.
Honeywell announced that it will continue to incorporate AI and machine learning into its Guided Work Solutions and develop an AI-enhanced solution to streamline retail operations. The company also acquired the Global Access Solutions business of Carrier Global (NYSE: CARR) for $4.95 billion. Expect Honeywell to strengthen its position in the fast-growing, cloud-based services and solutions space with this strategic acquisition.
Boeing (NYSE: BA) outperformed on news that jet deliveries might resume soon. Bloomberg reported that Turkish Airlines and the plane maker are in talks for the purchase of 250 Boeing jets. There are reports that 9Air in China expects the delivery of a Boeing 737 Max jet later this week.
The Bureau of Labor Statistics released Tuesday the US April JOLTS results that showed job openings declined 4.71% to 8.1 million from 8.5 million in March. Besides the three-year low, the results indicated a weaker labor market. Based on the CME FedWatch tool, two rate cuts this year by the Feds are possible due to recent economic data. The cuts could happen in September and December.
