Executive Mosaic’s GovCon Index gave up Monday’s gain, slipping 0.36% to $4,984.24. On Wall Street, the Dow Jones Industrial Average (-0.76%) fell, while the S&P 500 (+0.39%) almost matched its all-time high. Big tech names, including top AI stocks, boosted the market and lifted the Nasdaq Composite (+1.26%).
NVIDIA (Nasdaq: NVDA) climbed 6.76% despite a modest trading volume. Alphabet (Nasdaq: GOOGL) rose 2.68% to a record high of $184.63. In August, the Google parent company will present the artificial intelligence features and updates to its Pixel devices and the Android platform at a “hands-on product experience” event.
SolarEdge Technologies (Nasdaq: SEDG) plunged 20.6% on news that it might not collect an $11.4 million debt from a customer that filed for bankruptcy. Market analysts noted that three of four S&P 500 stocks finished lower, notwithstanding the benchmark index’s gain.
The GovCon Index’s situation reversed, with 21 stocks, instead of nine from the previous trading session, finishing in the red. Parsons (NYSE: PSN) and CGI (NYSE: GIB) led advancers, while Mercury Systems (Nasdaq: MRCY) and Boeing (NYSE: BA) were the worst performers.
Parsons announced the day before its expanded partnership with Technovation, a global technology and STEM education non-profit organization. The partners will mentor and help girls become industry leaders.
CGI and the City and County of Honolulu launched CGI Advantage, a transformational enterprise resource planning solution built on a unified platform. In addition to integrating financial, personnel and performance data to automate budget processes, the ERP solution will provide flexibility to adopt new and evolving technologies.
Boeing was also a top decliner on the blue-chip Dow Jones. The plane maker changed its offer for AeroSystems from a cash transaction to an all-stock deal but it did not sit well with investors. It showed that Boeing wants to preserve cash or cannot pay in cash.
Also, on Tuesday, more central bank officials commented on interest rate cuts. U.S. Federal Reserve Governor Michelle Bowman said, “We are still not yet at the point where it is appropriate to lower the policy rate.” She expects rate cuts in 2025.
For Fed Reserve Governor Lisa Cook, the timing of any rate adjustment depends on evolving economic data and its implications for the economic outlook and balance of risks.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,984.24 | -18.01 | -0.36% |
| Dow Jones Industrial Average | 39,112.16 | -299.05 | -0.76% |
| S&P 500 | 5,469.30 | 21.43 | 0.39% |
| NASDAQ | 17,717.65 | 220.83 | 1.26% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 81.28 | 1.79 | 2.25% |
| GIB | 101.73 | 2.18 | 2.19% |
| PLTR | 24.56 | 0.40 | 1.66% |
| AVAV | 192.71 | 2.22 | 1.17% |
| ICFI | 148 | 1.61 | 1.10% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 192.71 | 2.22 | 1.17% |
| GIB | 101.73 | 2.18 | 2.19% |
| PSN | 81.28 | 1.79 | 2.25% |
| ICFI | 148 | 1.61 | 1.10% |
| CACI | 435.36 | 1.48 | 0.34% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 27.1 | -1.08 | -3.83% |
| BA | 175.1 | -4.00 | -2.23% |
| TXT | 86.01 | -1.47 | -1.68% |
| FLR | 44.01 | -0.74 | -1.65% |
| CG | 39.82 | -0.65 | -1.61% |
