Executive Mosaic’s GovCon Index advanced for the second straight day, finishing 0.43% higher at $5,366.84. The Dow Jones Industrial Average (+0.33%) registered a new record high, while the Nasdaq Composite (-0.39%) and S&P 500 (-0.13%) slipped before the weekend. Twenty of 30 Dow Jones components ended positive Friday.
On the GovCon Index, AeroVironment (Nasdaq: AVAV) topped 22 gainers, rising 2.33% to nearly $200. CGI (NYSE: GIB), Accenture (NYSE: ACN), and six other GCI stocks settled lower. Boeing (NYSE: BA) advanced 1.33%, although the share price fell 0.17% after-hours trading. The talks with union members broke off late Friday without a date for resumption of the negotiations.
The U.S. Air Force awarded Lockheed Martin (NYSE: LMT) Missiles and Fire Control a $3.23 billion contract action for a joint air-to-surface standoff missile and long-range anti-ship missile large lot procurement.
Another Lockheed Martin business area, LMT Aeronautics, secured a $422.2 million contract from the Naval Air Systems Command. Besides providing key services for integrating the Czech Republic into the F-35 Joint Strike Fighter program, Lockheed will offer program management, logistics, sustainment and systems engineering services support.
The U.S. Navy awarded Raytheon, an RTX (NYSE: RTX) business, a $736.6 million contract for the production and delivery of AIM-9X production lot 24 requirements. The contract covers various types of missiles for the Navy, Air Force, and Army, including optical target detectors and containers.
The latest personal consumption expenditures index reading released by the Commerce Department showed that inflation moved closer to the U.S. Feds’ target. In August, the PCE index was 2.2% compared to 2.5% in July. Some market analysts say this lowest reading since February 2021 reinforces future interest rate cuts.
In an interview with the Associated Press, Tom Barkin, president of the Federal Reserve Bank of Richmond, said he supports reducing the key interest rate ‘somewhat.’ While he is not yet ready to declare victory on inflation, it is likely to keep fading in the near term.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,366.84 | 23.12 | 0.43% |
| Dow Jones Industrial Average | 42,313.00 | 137.89 | 0.33% |
| S&P 500 | 5,738.17 | -7.20 | -0.13% |
| NASDAQ | 18,119.59 | -70.70 | -0.39% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 199.23 | 4.53 | 2.33% |
| CG | 43.59 | 0.80 | 1.87% |
| BAH | 162.05 | 2.42 | 1.52% |
| LHX | 234.99 | 3.43 | 1.48% |
| MRCY | 37.5 | 0.53 | 1.43% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LMT | 582.36 | 4.96 | 0.86% |
| AVAV | 199.23 | 4.53 | 2.33% |
| LHX | 234.99 | 3.43 | 1.48% |
| HII | 263.07 | 2.71 | 1.04% |
| NOC | 526.79 | 2.48 | 0.47% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GIB | 114.22 | -2.18 | -1.87% |
| ACN | 349.7 | -6.11 | -1.72% |
| KBR | 64.18 | -0.48 | -0.74% |
| PLTR | 36.84 | -0.26 | -0.70% |
| TTEK | 46.4 | -0.25 | -0.54% |
