Executive Mosaic’s GovCon Index declined 0.47% to $4,944.86, extending its skid to four trading sessions. Wall Street closed in the red amid cooling inflation and following the presidential debate the day before. The Nasdaq Composite (-0.71%) and S&P 500 (-0.41%) lost steam, while the Dow Jones Industrial Average (-0.12%) ticked lower.
Infinera (Nasdaq: INFN) shone brightest on the tech-heavy index, rising 15.78% on news that it agreed to be acquired by Nokia for $2.3 billion. The Finland-based telco firm will use the connectivity solutions provider to venture into the AI space. Trump Media & Technology Group (Nasdaq: DJT) popped in early trading but eventually sputtered, falling 10.84% before the weekend.
Decliners overwhelmed advancers on the GovCon Index, 18 to 12. AeroVironment (Nasdaq: AVAV) rose 2.39% to lead the dozen gainers and atoned for its 7.74% drop on Thursday. Tetra Tech (Nasdaq: TTEK) topped the underperformers, losing nearly 5%.
The U.S. Army awarded Lockheed Martin (NYSE: LMT) a $5.2 billion firm-fixed-price contract for Phased Array Tracking Radar to Intercept on Target Advanced Capability-3. Lockheed will do the work in various locations, and the estimated completion date is June 30, 2027.
Also, on Friday, L3Harris Technologies (NYSE: LHX) secured a $99.4 million firm-fixed-price contract for large wideband satellite communications terminals and related support services with the U.S. Army. The Army Contracting Command is the contracting activity.
The inflation-related data that came out Friday, including the Federal Reserve’s preferred measure, was in line with economists’ expectations and revived hopes of a rate cut. The U.S. Bureau of Economic Analysis reported that the core PCE Price Index, excluding food and energy prices, slid to 2.6% last month from 2.7% in April.
San Francisco Federal Reserve President Mary Daly told CNBC, “It is just additional news that monetary policy is working; inflation is gradually cooling.” Seema Shah, the chief global strategist at Principal Asset Management, said further inflation deceleration and additional evidence of labor market softening could pave the way for a first rate cut in September.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,944.86 | -23.30 | -0.47% |
| Dow Jones Industrial Average | 39,118.86 | -45.20 | -0.12% |
| S&P 500 | 5,460.48 | -22.39 | -0.41% |
| NASDAQ | 17,732.60 | -126.08 | -0.71% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 182.16 | 4.25 | 2.39% |
| FLR | 43.55 | 0.50 | 1.16% |
| VVX | 47.96 | 0.49 | 1.03% |
| MRCY | 26.99 | 0.23 | 0.86% |
| CG | 40.15 | 0.26 | 0.65% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 182.16 | 4.25 | 2.39% |
| LHX | 224.58 | 1.40 | 0.63% |
| NOC | 435.95 | 1.04 | 0.24% |
| FLR | 43.55 | 0.50 | 1.16% |
| VVX | 47.96 | 0.49 | 1.03% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 204.48 | -10.57 | -4.92% |
| MMS | 85.7 | -1.81 | -2.07% |
| ICFI | 148.46 | -2.87 | -1.90% |
| BAH | 153.9 | -2.35 | -1.50% |
| CACI | 430.13 | -4.43 | -1.02% |
