Executive Mosaic’s GovCon Index picked up steam, rising 1.12% to $4,998.95 before the weekend. Wall Street regained strength, with the Dow Jones Industrial Average climbing more than 570 points (+1.51%) to mark its best day in 2024. The S&P 500 (+0.80%) kept pace, while the Nasdaq Composite (-0.01%) stepped in the red zone.
Despite data showing slow progress on inflation, 76% (1,466) of NYSE stocks advanced Friday. However, Dell Technologies (NYSE: DELL) plunged 17.87% after reporting a significant drop in gross margins in Q1 2024 and slowing demand for AI servers. Caesars Entertainment (Nasdaq: CZR) spiked 11.65% on news that billionaire investor Carl Ichan took a substantial position in the casino operator.
V2X (NYSE: VVX) led the surge of 26 stocks on the GovCon Index with a 4.16% gain, extending its winning streak to three days. Five stocks, including Boeing (NYSE: BA) and Lockheed Martin (NYSE: LMT), rose by more than 2%. Mercury Systems (Nasdaq: MRCY) and three other decliners dipped under one percent.
Lockheed Martin gained the most in absolute amount, rising $9.40 to $470.34. On Thursday, the aerospace and defense manufacturer opened its $18 million facility in Huntsville, Alabama. The Department of Defense and Alabama state and local officials attended the unveiling ceremony. The new 122,000-square-foot engineering facility includes a lab and a demonstration center and can accommodate up to 500 employees.
The U.S. Navy awarded Lockheed Martin Rotary and Mission Systems a $44.9 million cost-plus-incentive-fee modification to a previously awarded contract for in-service AEGIS Foreign Military Sales combat system baseline sustainment.
Boeing popped 2.81%, notwithstanding a downgrade by Fitch Ratings. The credit rating agency lowered its forecasts for the year due to restricted aircraft deliveries and anticipated negative free cash flow.
Also, on Friday, the Commerce Department released the personal consumption expenditures price index. The Feds’ preferred inflation measure increased 0.3% in April 2024, but only 0.2%, excluding food and energy. Annually, the core PCE price index ticked 0.1% higher to 2.8%. Policymakers want to see improvement in the fight against inflation before any rate cuts this year or the next.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,998.95 | 56.07 | 1.12% |
| Dow Jones Industrial Average | 38,686.32 | 574.84 | 1.51% |
| S&P 500 | 5,277.51 | 42.03 | 0.80% |
| NASDAQ | 16,735.02 | -2.06 | -0.01% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 48.11 | 2.12 | 4.61% |
| BA | 177.61 | 4.86 | 2.81% |
| FLR | 43.4 | 1.15 | 2.72% |
| LHX | 224.83 | 5.66 | 2.58% |
| ICFI | 142.75 | 3.29 | 2.36% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 470.34 | 9.40 | 2.04% |
| LHX | 224.83 | 5.66 | 2.58% |
| BA | 177.61 | 4.86 | 2.81% |
| NOC | 450.77 | 4.25 | 0.95% |
| CW | 282.82 | 3.71 | 1.33% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 30.95 | -0.30 | -0.96% |
| ACN | 282.29 | -2.51 | -0.88% |
| PSN | 76.15 | -0.53 | -0.69% |
| PLTR | 21.68 | -0.05 | -0.23% |
| TTEK | 209.49 | 0.42 | 0.20% |
