Executive Mosaic’s GovCon Index outperformed to start the week, climbing 0.74% to $5,546.14. It was all green at Wall Street, with the Dow Jones Industrial Average (+0.47%) and S&P 500 (+0.77%) posting new record closing highs for the second straight session. The Nasdaq Composite (+0.87%) almost hit a fresh record.
Strong corporate earnings so far in Q3 2024 lifted market sentiment Monday. AI NVIDIA (Nasdaq: NVDA) rose 2.43% to $138.07, a new high for the AI king. Sirius (Nasdaq: SIRI) popped 7.2% on news that Warren Buffett’s conglomerate, Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), bought 3.6 million shares of the satellite radio company.
On the GovCon Index, 24 of 30 stocks ended positive. BAE Systems topped gainers, while Boeing (NYSE: BA) and Mercury Systems (Nasdaq: MRCY) declined more than one percent in the losing bunch. V2X (NYSE: VVX), Friday’s top performer with +7.76%, gained 1.78% to extend its winning streak to two days.
The U.S. Navy awarded RTX’s (NYSE: RTX) Raytheon a $736 million contract to manufacture the improved Block II variant of its AIM-9X Sidewinder missiles. The latter is a sophisticated short-range air-to-air and surface-to-air missile, which is also capable of tracking infrared light.
Raytheon was also at the U.S. Army’s annual summer test period. The RTX business unit demonstrated the capabilities of its Ku-band Radio Frequency Sensor, KuRFS, the Coyote™ Block 2 kinetic effector, and the Block 3 non-kinetic effector. The systems tested their essential detect and defeat capabilities for the Low, Army’s go-to counter-drone solution.
Also, on Monday, Bell, a Textron (NYSE: TXT) business segment, secured a $37.7 million contract with the Army Contracting Command to supply Bell 412 EPX helicopter. Market analysts covering the defense stock see a 25.57% upside potential.
Momentum has returned to Wall Street, as evidenced by the broad-based positive performance of 10 of 11 S&P primary sectors. The early results of the new earnings season are encouraging, and reporting should accelerate in the next few weeks.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,546.14 | 40.79 | 0.74% |
| Dow Jones Industrial Average | 43,065.22 | 201.36 | 0.47% |
| NASDAQ | 18,502.69 | 159.75 | 0.87% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 67.81 | 1.50 | 2.26% |
| VVX | 65.14 | 1.14 | 1.78% |
| CACI | 528.05 | 7.08 | 1.36% |
| BAH | 162.65 | 1.83 | 1.14% |
| LMT | 610.87 | 6.70 | 1.11% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 528.05 | 7.08 | 1.36% |
| LMT | 610.87 | 6.70 | 1.11% |
| NOC | 534.07 | 5.37 | 1.02% |
| ACN | 364.6 | 3.86 | 1.07% |
| GD | 301.86 | 2.42 | 0.81% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 148.99 | -2.03 | -1.34% |
| MRCY | 35.85 | -0.35 | -0.97% |
| TTEK | 49.01 | -0.29 | -0.59% |
| PLTR | 43.4 | -0.11 | -0.25% |
| ICFI | 168.02 | -0.34 | -0.20% |
