Executive Mosaic’s GovCon Index turned positive, ending at $4,909.25 following a modest 0.24% gain. The Nasdaq Composite (+0.84%) and S&P 500 (+0.62%) hit new highs, while the Dow Jones Industrial Average (+0.41%) notched a third straight daily gain.
Tesla (Nasdaq: TSLA) repeated as the tech-heavy index’s top performer, climbing 10.2%. The American electric vehicle maker reported higher unit deliveries in Q2 2024. ON Semiconductor (Nasdaq: ON) and Advanced Micro Devices (Nasdaq: AMD) led the rally of industry peers, aided by the decline in Treasury yields.
The GovCon Index averted a six-day losing streak. Kratos Defense & Security Solutions (Nasdaq: KTOS), CGI (NYSE: GIB), and Mercury Systems (Nasdaq: MRCY) outperformed to lead 21 gainers. AeroVironment (Nasdaq: AVAV) lost the most among nine decliners.
Kratos announced Tuesday the successful demonstration of the second of three Valkyrie launch methods of the Kratos Trolley Launch System. KTLS enables Valkyrie, a stealthy crewless combat aerial vehicle, to take off from traditional runways or straight roads without Rocket Assist Take Off or assistance from acceleration-producing devices.
Sunflower, a cloud-based, software-as-a-service asset management platform of CGI’s subsidiary, CGI Federal, is now available on the U.S. Department of Treasury’s shared services marketplace.
The U.S. State Department approved AeroVironment’s sale of its Switchblade 300 loitering munition systems to Taiwan. The proposed foreign military sale, worth about $60.2 million, aims to bolster Taiwan’s defensive capabilities and support the U.S. national security and economic interests in the Indo-Pacific region.
The U.S. Air Force awarded Lockheed Martin Aeronautics, one of four business segments of Lockheed Martin (NYSE: LMT), a not-to-exceed $520.4 million fixed-price incentive modification to a previously awarded contract for Foreign Military Sales Block 70/72 F-16 Viper Shield electronic warfare suite production.
Also, on Tuesday, Federal Reserve chairman Jerome Powell attended the European Central Bank monetary policy conference in Portugal. While he acknowledged that America’s inflation is on a disinflationary path, a rate cut isn’t imminent. The Feds want more evidence that annual price growth is declining toward 2%.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,909.25 | 11.55 | 0.24% |
| Dow Jones Industrial Average | 39,331.85 | 162.33 | 0.41% |
| S&P 500 | 5,509.01 | 33.92 | 0.62% |
| NASDAQ | 18,028.76 | 149.46 | 0.84% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 20.33 | 0.59 | 2.99% |
| GIB | 101.38 | 2.36 | 2.38% |
| MRCY | 28.94 | 0.59 | 2.08% |
| VVX | 47.45 | 0.71 | 1.52% |
| BAH | 152.78 | 1.78 | 1.18% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 437.37 | 2.37 | 0.54% |
| GIB | 101.38 | 2.36 | 2.38% |
| TTEK | 200.12 | 2.30 | 1.16% |
| HON | 213.23 | 2.28 | 1.08% |
| BAH | 152.78 | 1.78 | 1.18% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 171.2 | -4.47 | -2.54% |
| GD | 285.81 | -2.06 | -0.72% |
| BA | 185.42 | -1.28 | -0.69% |
| ICFI | 135.26 | -0.65 | -0.48% |
| J | 137.77 | -0.53 | -0.38% |
