Executive Mosaic’s GovCon Index gave up Monday’s substantial gains, dropping 0.56% to $5,334.31. Wall Street’s major U.S. stock indexes recorded back-to-back daily gains, led by the Nasdaq Composite with +1.56%. The Dow Jones Industrial Average (+0.20%) and S&P 500 (+0.25%) finished higher.
The broad stimulus measures announced by the People’s Bank of China on Tuesday improved risk sentiment and boosted global stock markets. Miner Freeport-McMoRan (NYSE: FCX) jumped 7.93% as copper prices increased due to China’s stimulus plan. PDD Holdings (Nasdaq: PDD), the parent company of Chinese online marketplace Temu, rose 11.24%.
The GovCon Index ended its three-day winning streak as decliners overwhelmed gainers. Jacobs (NYSE: J) topped 11 gainers, while HII (NYSE: HII) and AeroVironment (Nasdaq: AVAV) declined the most among 19 underperformers. Palantir Technologies (NYSE: PLTR) dipped 2.77% on its second day in the S&P 500 Index.
Technical professional services firm and S&P 500 member Jacobs expects to complete the spin-off and merger of its Critical Mission Solutions and Cyber Intelligence business with Amentum on September 30. The resulting entity, Amentum Holdings, will start trading on the NYSE afterward.
Also, on Tuesday, the U.S. Navy awarded HII a $9.6 billion combined multi-ship procurement contract. The first is for the construction of three San Antonio-class amphibious ships, while the second is a contract modification for the next America-class large-deck amphibious ship.
The Defense Logistics Agency awarded General Dynamics Ordnance and Tactical Systems, a General Dynamics (NYSE: GD) business, a minimum $191.2 million firm-fixed-price, one-time-buy contract for Iron Fist Protection System B-kits. This three-year contract has no option periods.
Federal Reserve Governor Michelle Bowman favored a rate reduction but did not vote for a 0.50% cut last Sept. 18. “The jumbo cut could be interpreted as a premature declaration of victory on our price-stability mandate,” she said Tuesday. She believes the Feds would be in a better position if policymakers moved at a measured pace toward a more neutral policy.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,334.31 | -29.89 | -0.56% |
| Dow Jones Industrial Average | 42,208.22 | 83.57 | 0.20% |
| NASDAQ | 18,074.52 | 100.25 | 0.56% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| J | 150.46 | 2.13 | 1.44% |
| MMS | 91.8 | 1.23 | 1.36% |
| MRCY | 36.58 | 0.47 | 1.30% |
| GIB | 114.53 | 1.02 | 0.90% |
| HON | 205.28 | 1.51 | 0.74% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| J | 150.46 | 2.13 | 1.44% |
| CACI | 493.05 | 1.60 | 0.33% |
| HON | 205.28 | 1.51 | 0.74% |
| MMS | 91.8 | 1.23 | 1.36% |
| GIB | 114.53 | 1.02 | 0.90% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HII | 257.32 | -10.81 | -4.03% |
| AVAV | 197.82 | -6.68 | -3.27% |
| PLTR | 36.9 | -1.05 | -2.77% |
| CW | 327.34 | -4.88 | -1.47% |
| KTOS | 23.22 | -0.33 | -1.40% |
