Executive Mosaic’s GovCon Index finished strong before the weekend, rising 0.85% to $5,256.32. Wall Street sustained its rally due to speculations of a jumbo rate cut by the Feds. The Dow Jones Industrial Average (+0.72%) added almost 300 points, while the Nasdaq Composite (+0.65%) and S&P 500 (+0.54%) extended their winning streaks to five days.
All 11 S&P 500 primary sectors ended positive Friday, led by utilities and communications services. Warner Bros. (Nasdaq: WBD) jumped more than 10% for the second straight day. E-commerce marketplace Etsy (Nasdaq: ETSY) popped 7.56% after the government announced limited tariff exemptions on foreign competitors.
The GovCon Index had 26 gainers, bannered by the more than 3% gains of AeroVironment (Nasdaq: AVAV), Carlyle Group (Nasdaq: CG), and Mercury Systems (Nasdaq: MRCY). Boeing (NYSE: BA), the worst performer among the four losers, declined 3.69%.
Boeing faces work stoppage in Seattle, Portland, and southern California following the rejection of its tentative contract offer to the International Association of Machinists and Aerospace Workers. The union members voted to go on strike. Federal mediators expect the aircraft manufacturer and union negotiators to resume talks early next week.
The U.S. Army awarded Palantir USG, a subsidiary of Palantir Technologies (NYSE: PLTR), a $99.2 million firm-fixed-price contract for research and development for user-centered Machine Learning. The target completion date by the Army Contracting Command is Sept. 12, 2029.
Lockheed Martin (NYSE: LMT) secured a $62.98 million modification with the U.S. Navy to a previously awarded fixed-price incentive, firm-target, cost-plus-fixed-fee indefinite-delivery/indefinite-quantity contract. This modification involves providing materials for the production of the F-35 logistics information system. The contract supports the F-35 Joint Strike Fighter program of the elements of the Department of Defense.
Meanwhile, former New York Fed President William Dudley buoyed investors’ sentiment. He said in a forum in Singapore, “I think there’s a strong case for 50. I know what I’d be pushing for.” Dudley believes there’s scope for a half-point rate cut at the next central bank meeting.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,256.32 | 44.06 | 0.84% |
| Dow Jones Industrial Average | 41,393.78 | 297.01 | 0.72% |
| S&P 500 | 5,626.02 | 30.26 | 0.54% |
| NASDAQ | 17,683.98 | 114.30 | 0.65% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 192.11 | 6.61 | 3.56% |
| CG | 40.05 | 1.28 | 3.30% |
| MRCY | 38.02 | 1.19 | 3.23% |
| PSN | 98.22 | 2.76 | 2.89% |
| MMS | 88.7 | 2.06 | 2.38% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 192.11 | 6.61 | 3.56% |
| CW | 309.95 | 6.11 | 2.01% |
| CACI | 476.24 | 4.66 | 0.99% |
| GD | 304.8 | 4.13 | 1.37% |
| HII | 261.55 | 3.27 | 1.27% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 156.77 | -6.00 | -3.69% |
| RTX | 119.12 | -0.98 | -0.82% |
| HON | 204.15 | -0.52 | -0.25% |
| ACN | 349.58 | -0.31 | -0.09% |
| NOC | 519.78 | 1.24 | 0.24% |
