Executive Mosaic’s GovCon Index rose 0.32% to $5,342.51 and set new records. In addition to staying positive from Monday to Friday, the index extended its winning streak to nine days. Wall Street’s major stock indexes bounced back from a sharp selloff, culminating with modest gains to end the week.
The Magnificent Seven stocks, except for Alphabet (Nasdaq: GOOGL), were in the day’s top ten price volume leaders. Published reports on Friday said Berkshire Hathaway’s (NYSE: BRK.A) (NYSE: BRK.B) cash and U.S. Treasury holdings reached a record $276.9 billion. Warren Buffett’s conglomerate went on a selling spree in recent quarters.
On the GovCon Index, gainers outnumbered losers for a strong finish before the weekend. Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR) led 18 advancers. Fluor Corporation (NYSE: FLR) and Carlyle Group (Nasdaq: CG) topped the dozen decliners.
The U.S. Navy awarded Raytheon, an RTX (NYSE: RTX) business providing technology products and services, a $231.9 million firm-fixed-price modification to a previously awarded contract for fiscal 2024 Navy, Federal Republic of Germany, and Foreign Military Sales procurements for the Rolling Airframe Missile Block 2/2A/2B guided missile round pack, spare replacement components, and recertification.
The U.S. Army awarded Northrop Grumman Systems, a business of Northrop Grumman (NYSE: NOC), a $34.2 million modification to a contract for warfighter exercises and training at Fort Leavenworth, Kansas, until April 14, 2025.
Investors’ sentiment vastly improved during the week as the latest consumer (CPI) and producer (PPI) price indexes showed moderating inflation in July. Retail sales and jobless claims also showed better-than-expected results.
Most economists and market analysts believe the stage is set for a rate cut when the U.S. Federal Reserve’s Federal Open Market Committee meets on Sept. 18.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,342.51 | 17.24 | 0.32% |
| Dow Jones Industrial Average | 40,659.76 | 96.70 | 0.24% |
| S&P 500 | 5,554.25 | 11.03 | 0.20% |
| NASDAQ | 17,631.72 | 37.22 | 0.21% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 21.16 | 0.92 | 4.55% |
| PLTR | 32.08 | 0.86 | 2.75% |
| BA | 179.99 | 3.58 | 2.03% |
| AVAV | 190.44 | 3.61 | 1.93% |
| LHX | 228.5 | 2.01 | 0.89% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 190.44 | 3.61 | 1.93% |
| BA | 179.99 | 3.58 | 2.03% |
| NOC | 506.66 | 2.96 | 0.59% |
| LHX | 228.5 | 2.01 | 0.89% |
| ACN | 326.92 | 1.79 | 0.55% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| FLR | 48.43 | -0.77 | -1.56% |
| CG | 41.11 | -0.57 | -1.37% |
| KBR | 65.45 | -0.54 | -0.82% |
| MMS | 88.4 | -0.38 | -0.43% |
| CW | 301.22 | -1.01 | -0.33% |
