Executive Mosaic’s GovCon Index was nearly flat, but inched lower at $5,370.98 following a 0.04% slide. Wall Street gave up gains from mid-week, led by the Nasdaq Composite (-1.67%) and S&P 500 (-0.89%). The Dow Jones Industrial Average (-0.43%) also turned red after shedding 177.71 points.
Nearly all large-cap tech stocks declined Thursday, including AI king NVIDIA (Nasdaq: NVDA). Electric carmaker Tesla (Nasdaq: TSLA) fell 5.65% on news of another resignation by a senior executive. Peloton Interactive (Nasdaq: PTON) was a big winner with +35.42%. The at-home fitness company trimmed its losses in Q4 fiscal 2024 and reported consistent subscriber growth.
More than half of GovCon Index stocks finished in the red. V2X (NYSE: VVX) led 14 advancers and was the top performer for the second straight day. Kratos Defense & Security Solutions (Nasdaq: KTOS) rose 3.34%, while Mercury Systems (Nasdaq: MRCY) and AeroVironment (Nasdaq: AVAV) had the most significant percentage declines.
Defense technology company and AI pilot builder Shield AI successfully conducted autonomous flight tests on two Kratos MQM-178 Firejets piloted by its Hivemind AI Pilot. The demonstration is a collaborative project of Kratos and Shield AI that aims to accelerate the integration of AI pilots in diverse aircraft platforms.
Palantir Technologies (NYSE: PLTR) announced that former Republican Representative Mike Gallagher will join the company as head of business. As a representative of Palantir’s defense business, Gallagher will help sell data analysis technology and secure more government contracts.
On late Wednesday, the Army Contracting Command awarded Sikorsky Aircraft Corp., a Lockheed Martin (NYSE: LMT) business unit, a $97.2 million cost-plus-fixed-fee contract for various H-60 Black Hawk configurations. The estimated completion date is Aug. 21, 2029.
Wall Street took a breather before the monetary policy speech by Fed Chairman Jerome Powell from Jackson Hole on Friday after the Feds’ annual symposium. Powell might intimate the rate action in September, particularly the first cut since the start of the rate hike campaign in March 2022.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,370.98 | -1.93 | -0.04% |
| Dow Jones Industrial Average | 40,712.78 | -177.71 | -0.43% |
| S&P 500 | 5,570.64 | -50.21 | -0.89% |
| NASDAQ | 17,619.35 | -299.64 | -1.67% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 55.2 | 2.08 | 3.92% |
| KTOS | 21.65 | 0.70 | 3.34% |
| LDOS | 153.28 | 2.44 | 1.62% |
| CW | 304.17 | 2.76 | 0.92% |
| RTX | 118.02 | 0.76 | 0.65% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LMT | 557.03 | 3.27 | 0.59% |
| NOC | 509.63 | 2.77 | 0.55% |
| CW | 304.17 | 2.76 | 0.92% |
| LDOS | 153.28 | 2.44 | 1.62% |
| VVX | 55.2 | 2.08 | 3.92% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MRCY | 36.9 | -1.44 | -3.76% |
| AVAV | 184.01 | -4.25 | -2.26% |
| PLTR | 31.92 | -0.62 | -1.91% |
| GIB | 108.63 | -1.65 | -1.50% |
| CG | 39.65 | -0.51 | -1.27% |
