Executive Mosaic’s GovCon Index returned from the holiday break with a dismal performance, sinking 0.75% to $4,879.92. The Nasdaq Composite (+0.90%) and S&P 500 (+0.54%) led Wall Street’s advance with new record closes, while the Dow Jones Industrial Average (+0.17%) ticked higher.
Mega-cap tech stocks Microsoft (Nasdaq: MSFT), Apple (Nasdaq: AAPL), and Intel (Nasdaq: INTC) also finished at record highs. Arm Holdings (Nasdaq: ARM) was the top mover on the tech-heavy index with +7.7%. Southwest Airlines (NYSE: LUV) fell 5.74% on news that it adopted a rights plan to defend against a leadership change proposal by activist firm Elliot Investment Management.
The GovCon Index performed poorly, as 24 of 30 stocks ended with negative returns after a one-day respite. Palantir Technologies (NYSE: PLTR) popped 5.34%, but none of the other gainers rose above one percent. Accenture (NYSE: ACN) and V2X (NYSE: VVX) were the worst performers.
Palantir Technologies held ground and extended its winning streak to three days. The $27.23 share price was also the AI stock’s best closing since late 2021. BAE Systems dropped 1.09%, although its Land and Armaments division secured a $579.3 million cost-no-fee contract with the U.S. Army before Independence Day for M109A7 and M992A3 vehicles and fielding kits.
Also, on July 3, the U.S. Navy awarded BAE Systems Technology Solutions and Services an $88.15 million contract for the installation and certification support for combat integration and identification systems and sub-systems.
The economics calendar in the coming week is full of inflation-related reports, including the consumer price index and core PCI. Federal Reserve chairman Jerome Powell will testify on Tuesday before the US Senate Banking Committee. The second quarter earnings season will kick off on Friday.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,879.92 | -36.75 | -0.75% |
| Dow Jones Industrial Average | 39,375.87 | 67.87 | 0.17% |
| S&P 500 | 5,567.19 | 30.17 | 0.54% |
| NASDAQ | 18,352.76 | 164.46 | 0.90% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 27.23 | 1.38 | 5.34% |
| KTOS | 20.62 | 0.14 | 0.68% |
| FLR | 44.32 | 0.18 | 0.41% |
| BA | 184.83 | 0.52 | 0.28% |
| MRCY | 29.17 | 0.06 | 0.21% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 27.23 | 1.38 | 5.34% |
| BA | 184.83 | 0.52 | 0.28% |
| FLR | 44.32 | 0.18 | 0.41% |
| KTOS | 20.62 | 0.14 | 0.68% |
| MMS | 85.32 | 0.07 | 0.08% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 299.14 | -6.61 | -2.16% |
| VVX | 47.44 | -0.89 | -1.84% |
| SAIC | 114.25 | -2.07 | -1.78% |
| TXT | 84.96 | -1.25 | -1.45% |
| J | 136.74 | -1.75 | -1.26% |
