Executive Mosaic’s GovCon Index had its best day Tuesday, advancing 2% to $5,105.25. The index, which tracks the stock performances of 30 major government contractors, also marked its highest close since its introduction in December last year.
The Dow Jones Industrial Average (+1.85%) advanced 742.76 points to 40,954.48, erasing its all-time high record the day before. Wall Street’s benchmark index, the S&P 500 (+0.64%), finished at 5,667.20, which is also a new record high. The Nasdaq Composite (+0.20%) ticked higher and extended its winning streak to three days.
The second quarter earnings season went into high gear as 341 companies reported results. Financial stocks Bank of America (NYSE: BAC) and State Street (NYSE: STT) were among the biggest gainers, but Charles Schwab (NYSE: SCHW) plunged 10.18% after reporting less than 1% revenue increase in Q2 and a 6% drop in interest revenue.
On the GovCon Index, 28 stocks outperformed, led by the Carlyle Group with +5.54%. HII (NYSE: HII) and two other stocks advanced more than 4%, while Boeing (NYSE: BA) popped 3.87%. Only AeroVironment (Nasdaq: AVAV) had a negative return, and top-performing GCI stock Palantir Technologies (NYSE: PLTR) was flat.
Boeing made headlines Tuesday when it delivered the second core stage of the Space Launch System rocket to NASA. The plane maker’s rocket stage will be integrated with other components in preparation for the launch of Artemis II in 2025. Artemis II is a 10-day flight of the Orion spacecraft with four astronauts on board and flying around the moon.
Accenture (NYSE: ACN) posted its fourth straight daily gain on news that it has entered an agreement to acquire retail technology services firm Logic. The professional services firm aims to enhance its ability to drive technology transformations and deliver comprehensive retail solutions for clients.
While markets sustained momentum on renewed rate cut hopes, the ten-year Treasury note yield declined to 4.162%, a four-month low. Also, on Tuesday, Federal Reserve Governor Adriana Kugler spoke during a National Association for Business Economics seminar. “I’m cautiously optimistic that we’re seeing progress and the type of progress that we need to get back to 2%,” she said.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,105.25 | 102.23 | 2.00% |
| Dow Jones Industrial Average | 40,954.48 | 742.76 | 1.85% |
| S&P 500 | 5,667.20 | 35.98 | 0.64% |
| NASDAQ | 18,509.34 | 36.77 | 0.20% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 46.51 | 2.44 | 5.54% |
| HII | 267.46 | 11.94 | 4.67% |
| MRCY | 33.78 | 1.37 | 4.23% |
| J | 150.74 | 6.04 | 4.17% |
| SAIC | 123 | 4.63 | 3.91% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 267.46 | 11.94 | 4.67% |
| CW | 285.69 | 9.81 | 3.56% |
| ACN | 325 | 7.13 | 2.24% |
| BA | 186.05 | 6.94 | 3.87% |
| GD | 291.59 | 6.17 | 2.16% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 169.55 | -4.62 | -2.65% |
| BAH | 158.19 | 0.97 | 0.62% |
| BAESY | 66.92 | 0.43 | 0.65% |
| NOC | 435.16 | 3.24 | 0.75% |
| CACI | 443.15 | 3.32 | 0.75% |
