Executive Mosaic’s GovCon Index fell for the second straight day, sliding 0.37% to $4,953.15. All major U.S. indexes turned red as hopes of a rate cut fade due to a robust jobs data. The Nasdaq Composite (-0.23%) and S&P 500 (-0.11%) dipped from their record highs, while the Dow Jones Industrial Average (-0.22%) ticked lower.
GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) were the biggest losers. The meme stocks plunged 39.38% and 15.2%, respectively. Geron (Nasdaq: GERN) in the healthcare sector popped 17.99% on news that the Food & Drug Administration approved Rytelo, its blood disorder drug.
The GovCon Index settled lower before the weekend as decliners rose to 21 from seven on Thursday. ICF (Nasdaq: ICFI) was the only stock among the nine that gained more than one percent. Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR), the worst performers, lost by an identical 2.02%.
The U.S. Navy awarded Raytheon Missiles & Defense, an RTX (NYSE: RTX) business, a $677.7 million fixed-price incentive (firm target) modification to a previously awarded contract to exercise options for hardware production of the AN/SPY-6(V) Family of Radars.
Lockheed Martin Rotary and Mission Systems of Lockheed Martin (NYSE: LMT) secured a $55.5 million fixed-price incentive and firm-fixed-price modification to a previously awarded contract for fiscal 2023 AEGIS Modernization and DDG-51 new construction production requirements with the U.S. Navy.
Meanwhile, the U.S. Army awarded General Dynamics (NYSE: GD) Land Systems, a $65.99 million fixed-price incentive contract for producing Stryker Double V-Hull A1 vehicles.
In May, the US economy added 272 new jobs against the estimated 180,000 by market analysts, while the unemployment rate rose to 4% from 3.9% in April. Still, last month’s higher-than-expected job growth could dim hopes of a rate cut. The Federal Open Market Committee will hold its fourth meeting in 2024 from June 11 to 12.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,953.15 | -18.56 | -0.37% |
| Dow Jones Industrial Average | 38,798.99 | -87.18 | -0.22% |
| S&P 500 | 5,346.99 | -5.97 | -0.11% |
| NASDAQ | 17,133.13 | -39.99 | -0.23% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 144.1 | 1.46 | 1.02% |
| PSN | 74.52 | 0.51 | 0.69% |
| J | 139.06 | 0.76 | 0.55% |
| LDOS | 144.85 | 0.61 | 0.42% |
| LMT | 470.13 | 1.51 | 0.32% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 470.13 | 1.51 | 0.32% |
| ICFI | 144.1 | 1.46 | 1.02% |
| GD | 299.14 | 0.87 | 0.29% |
| J | 139.06 | 0.76 | 0.55% |
| LDOS | 144.85 | 0.61 | 0.42% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 20.38 | -0.42 | -2.02% |
| PLTR | 23.31 | -0.48 | -2.02% |
| CG | 40.68 | -0.65 | -1.57% |
| MMS | 85.08 | -1.04 | -1.21% |
| ACN | 288.4 | -3.34 | -1.14% |
