Executive Mosaic’s GovCon Index started the week positively, rising modestly higher to $4,886.75 (+0.14%). Chip stocks powered the Nasdaq Composite (+0.28%) to a new record close, while the S&P 500 (+0.10%) marked another record high. Only the Dow Jones Industrial Average (+0.08%) was changed a bit but settled lower.
Intel (Nasdaq: INTC) and Advanced Micro Devices (Nasdaq: AMD) were the top technology market movers. Corning (NYSE: GLW) topped the S&P 500, gaining 11.99% owing to the glassmaker’s higher financial guidance and rising demand for optical connectivity products supported by generative artificial intelligence.
The GovCon Index pivoted higher as gainers overwhelmed losers. Mercury Systems (Nasdaq: MRCY) had the most significant gain among 19 advancers. Parsons (NYSE: PSN) and Northrop Grumman (NYSE: NOC) slipped more than 1% to lead the losing bunch of 11.
Palantir Technologies (NYSE: PLTR), GCI’s top-performing stock thus far in 2024, rose 1.73% to $27.70, raising its year-to-date gain to 61.33%. Investor’s Business Daily lists PLTR as one of the best stocks to buy and watch due to the favorable outlook on gen-AI.
Boeing (NYSE: BA) made headlines after it agreed to plead guilty to new criminal charges relating to two 737 MAX crashes and pay $243.6 million in fines. George Ferguson, a senior analyst at Bloomberg Intelligence, said the plea deal is positive for the plane maker and the stock.
On July 8, 2024, the U.S. Air Force awarded Leidos (NYSE: LDOS) a $51.44 million cost-plus-incentive-fee missile warning missile threat enhancement contract. The award supports the North American Aerospace Defense Command, Cheyenne Mountain Complex-Integrated Tactical Warning and Attack Assessment system.
Meanwhile, the start of another season of corporate earnings this week coincides with the release of several important economic data. Further weakening of the economy could prompt the central bank to initiate a rate cut. Also, on Monday, Robert Kaplan, Goldman Sachs (NYSE: GS) vice chairman and former Dallas Fed President, said he expects his former colleagues to prepare to lower interest rates in September.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,886.75 | 6.83 | 0.14% |
| Dow Jones Industrial Average | 39,344.79 | -31.08 | -0.08% |
| S&P 500 | 5,572.85 | 5.66 | 0.10% |
| NASDAQ | 18,403.74 | 50.98 | 0.28% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 30.1 | 0.93 | 3.19% |
| VVX | 48.37 | 0.93 | 1.96% |
| PLTR | 27.7 | 0.47 | 1.73% |
| TXT | 85.85 | 0.89 | 1.05% |
| CACI | 427.31 | 4.34 | 1.03% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 427.31 | 4.34 | 1.03% |
| LHX | 226 | 1.93 | 0.86% |
| CW | 272.61 | 1.37 | 0.51% |
| AVAV | 170.13 | 1.23 | 0.73% |
| BA | 185.84 | 1.01 | 0.55% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 78.69 | -0.95 | -1.19% |
| NOC | 430.25 | -4.48 | -1.03% |
| ICFI | 132.77 | -1.17 | -0.87% |
| MMS | 84.71 | -0.61 | -0.71% |
| KBR | 63.48 | -0.43 | -0.67% |
