Executive Mosaic’s GovCon Index rose modestly to $5,216.43 (+0.17%) following a nearly 2% advance on Thursday. The Nasdaq Composite (+0.51%), S&P 500 (+0.47%) and the Dow Jones Industrial Average (+0.13%) ticked higher, coming from a torrid rally and sizeable gains a day before.
Cloud computing firm Akamai Technologies (Nasdaq: AKAM) reported better-than-expected top and bottom-line results in Q2 2024 and rose 10.86%, its best daily performance. Expedia Group (NYSE: EXPE) was another market mover with +10.21%. The online travel platform beat earnings expectations due to buoyant demand in international markets.
The GovCon Index stretched its winning streak to four days after a 50/50 balance of gainers and losers. Mercury Systems (Nasdaq: MRCY) and Palantir Technologies (NYSE: PLTR) topped 15 gainers, while Tetra Tech (Nasdaq: TTEK) and ICF (Nasdaq: ICFI) led 15 underperformers.
Like the GCI, Palantir Technologies posted a fourth-straight daily gain. The company announced a collaboration with Microsoft (Nasdaq: MSFT) on Thursday. Management believes the partnership will serve as the launching pad for Palantir’s Artificial Intelligence Platform in the Department of Defense and the broader Beltway ecosystem.
On Aug. 9, 2024, the U.S. Air Force awarded Boeing (NYSE: BA) a $2.56 billion contract for two rapid prototype E-7A AEW&C Wedgetail aircraft. This modification to a previously awarded undefinitized contract includes lifecycle development, training and support for the Air Force’s E-7A fleet.
Also, on Friday, the U.S. Navy awarded Lockheed Martin Aeronautics, a major unit of Lockheed Martin (NYSE: LMT), a $611.3 million modification to a previously awarded cost-plus-fixed-fee, cost-plus-incentive-fee contract involving the Multi-Ship Infrared Search and Track Increment 2 hardware and Band 5 Radar Warning Receiver hardware.
Wall Street’s weak start to August led to an outsized decline on Monday. However, strong corporate earnings and a resilient labor market eased market worries. Investors’ sentiment could improve if inflation-related data, including the consumer price index and core CPI, coming out next week are favorable.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,216.43 | 8.73 | 0.17% |
| Dow Jones Industrial Average | 39,497.54 | 51.05 | 0.13% |
| S&P 500 | 5,344.16 | 24.85 | 0.47% |
| NASDAQ | 16,745.30 | 85.28 | 0.51% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MRCY | 35.6 | 0.94 | 2.71% |
| PLTR | 30.01 | 0.73 | 2.49% |
| GIB | 106.83 | 1.72 | 1.64% |
| CW | 291.33 | 4.67 | 1.63% |
| PSN | 92.82 | 1.17 | 1.28% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 291.33 | 4.67 | 1.63% |
| NOC | 494.34 | 3.02 | 0.61% |
| HII | 259.43 | 2.87 | 1.12% |
| GD | 292.99 | 2.19 | 0.75% |
| CACI | 462.38 | 1.72 | 0.37% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 226.89 | -4.87 | -2.10% |
| ICFI | 155.96 | -1.86 | -1.18% |
| LHX | 228.33 | -2.29 | -0.99% |
| VVX | 46.96 | -0.43 | -0.91% |
| HON | 198.23 | -1.59 | -0.80% |
