Executive Mosaic’s GovCon Index gave up Monday’s gain and returned to the red zone with a 0.63% slide to $4,856.12. The Dow Jones Industrial Average (-0.13%) declined for the second straight day, while the Nasdaq Composite (+0.14%) and S&P 500 (+0.07%) recorded new all-time highs despite modest gains.
Tesla (Nasdaq: TSLA) rose 2.71% to extend its winning streak. The EV stock has gained 43.68% in the last ten trading days. NVIDIA (Nasdaq: NVDA) and Applied Materials (Nasdaq: AMAT) led the charge of chip stocks. John Vinh, the lead sector analyst at KeyBanc Capital Markets, raised its price target for NVIDIA to $180 ($131.38 on Tuesday) due to robust AI demand.
The GovCon Index did not sustain its gain to start the week, with only Mercury Systems (Nasdaq: MRCY), RTX (NYSE: RTX) and three other stocks showing gains. ICF (Nasdaq: ICFI) was the worst performer among the 25 decliners. V2X (NYSE: VVX), Kratos Defense & Security Solutions (Nasdaq: KTOS) and two more underperformers declined more than 1.5%.
Boeing (NYSE: BA) slipped 1.4% despite reporting delivery of 44 commercial planes in June. It was the highest monthly total since the MAX blowout accident and 25 more planes than in May.
On Tuesday, V2X announced securing a $265 million contract with NASA’s Johnson Space Center in Houston. The integrated solutions provider to defense, civilian, and commercial clients will maintain safe operations at the Sonny Carter Training Facility, where astronauts heading to space train.
The U.S. Navy awarded CACI (NYSE: CACI) a $69.2 million firm-fixed-price contract to provide worldwide logistics services in eight functional areas, including lifecycle logistics support, combat logistics force support and supply chain support.
Also, on Tuesday, Fed Chairman Jerome Powell testified before the Senate Banking Committee. He repeated the position of central bank officials that economic data must show inflation is declining sustainably toward the 2% target before any rate cuts. However, Powell said, “Reducing policy restraint too late or too little could unduly weaken economic activity and employment.” The Feds are also monitoring the labor market.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,856.12 | -30.63 | -0.63% |
| Dow Jones Industrial Average | 39,291.97 | -52.82 | -0.13% |
| S&P 500 | 5,576.98 | 4.13 | 0.07% |
| NASDAQ | 18,429.29 | 25.55 | 0.14% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 30.48 | 0.38 | 1.26% |
| RTX | 101.11 | 1.01 | 1.01% |
| CW | 274.15 | 1.54 | 0.56% |
| BAH | 154.39 | 0.69 | 0.45% |
| GIB | 101.51 | 0.06 | 0.06% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 274.15 | 1.54 | 0.56% |
| RTX | 101.11 | 1.01 | 1.01% |
| BAH | 154.39 | 0.69 | 0.45% |
| MRCY | 30.48 | 0.38 | 1.26% |
| GIB | 101.51 | 0.06 | 0.06% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 129.65 | -3.12 | -2.35% |
| VVX | 47.44 | -0.93 | -1.92% |
| KTOS | 20.43 | -0.35 | -1.68% |
| TTEK | 199.66 | -3.35 | -1.65% |
| NOC | 423.73 | -6.52 | -1.52% |
