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June 28 Market Report: Executive Mosaic’s GovCon Index Extends Losing Skid, Wall Street Drifts Lower

Home Uncategorized June 28 Market Report: Executive Mosaic’s GovCon Index Extends Losing Skid, Wall Street Drifts Lower
June 28 Market Report: Executive Mosaic’s GovCon Index Extends Losing Skid, Wall Street Drifts Lower

Executive Mosaic’s GovCon Index declined 0.47% to $4,944.86, extending its skid to four trading sessions. Wall Street closed in the red amid cooling inflation and following the presidential debate the day before. The Nasdaq Composite (-0.71%) and S&P 500 (-0.41%) lost steam, while the Dow Jones Industrial Average (-0.12%) ticked lower.

Infinera (Nasdaq: INFN) shone brightest on the tech-heavy index, rising 15.78% on news that it agreed to be acquired by Nokia for $2.3 billion. The Finland-based telco firm will use the connectivity solutions provider to venture into the AI space. Trump Media & Technology Group (Nasdaq: DJT) popped in early trading but eventually sputtered, falling 10.84% before the weekend.

Decliners overwhelmed advancers on the GovCon Index, 18 to 12. AeroVironment (Nasdaq: AVAV) rose 2.39% to lead the dozen gainers and atoned for its 7.74% drop on Thursday. Tetra Tech (Nasdaq: TTEK) topped the underperformers, losing nearly 5%.

The U.S. Army awarded Lockheed Martin (NYSE: LMT) a $5.2 billion firm-fixed-price contract for Phased Array Tracking Radar to Intercept on Target Advanced Capability-3. Lockheed will do the work in various locations, and the estimated completion date is June 30, 2027.

Also, on Friday, L3Harris Technologies (NYSE: LHX) secured a $99.4 million firm-fixed-price contract for large wideband satellite communications terminals and related support services with the U.S. Army. The Army Contracting Command is the contracting activity.

The inflation-related data that came out Friday, including the Federal Reserve’s preferred measure, was in line with economists’ expectations and revived hopes of a rate cut. The U.S. Bureau of Economic Analysis reported that the core PCE Price Index, excluding food and energy prices, slid to 2.6% last month from 2.7% in April.

San Francisco Federal Reserve President Mary Daly told CNBC, “It is just additional news that monetary policy is working; inflation is gradually cooling.” Seema Shah, the chief global strategist at Principal Asset Management, said further inflation deceleration and additional evidence of labor market softening could pave the way for a first rate cut in September. 

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 4,944.86 -23.30 -0.47%
Dow Jones Industrial Average 39,118.86 -45.20 -0.12%
S&P 500 5,460.48 -22.39 -0.41%
NASDAQ 17,732.60 -126.08 -0.71%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
AVAV 182.16 4.25 2.39%
FLR 43.55 0.50 1.16%
VVX 47.96 0.49 1.03%
MRCY 26.99 0.23 0.86%
CG 40.15 0.26 0.65%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
AVAV 182.16 4.25 2.39%
LHX 224.58 1.40 0.63%
NOC 435.95 1.04 0.24%
FLR 43.55 0.50 1.16%
VVX 47.96 0.49 1.03%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
TTEK 204.48 -10.57 -4.92%
MMS 85.7 -1.81 -2.07%
ICFI 148.46 -2.87 -1.90%
BAH 153.9 -2.35 -1.50%
CACI 430.13 -4.43 -1.02%