Executive Mosaic’s GovCon Index recovered from Tuesday’s sharp selloff, ending slightly higher at $5,446.83. Only the Dow Jones Industrial Average (+0.09%) ended positive on Wall Street. The Nasdaq Composite (-0.30%) and S&P 500 (-0.16%) registered 3-week and two 1/2-week lows on modest losses.
More than half of NYSE stocks and Nasdaq components finished in the red compared to 81% in the previous session. Tech darling NVIDIA (Nasdaq: NVDA) has lost 17.22% in five days following the 1.66% drop mid-week. Tesla (Nasdaq: TSLA) rose 4.18% on news the electric vehicle maker will launch a six-seater Model Y car and accelerate its production in China.
Boeing (NYSE: BA), along with Lockheed Martin (NYSE: LMT) and CGI (NYSE: GIB), topped 17 gainers. V2X (NYSE: VVX) was the worst performer in the losing bunch of 13 with -2.16%.
Robust and stable delivery operations in a historically weak month helped Boeing (+1.37%) bounce back from a 7.32% loss to start September. The plane maker delivered 32 737 aircraft in August, reflecting a decent pace. The target is five aircraft per month by the end of 2024. Boeing and union members will start negotiating a new collective bargaining agreement next week.
The U.S. Navy awarded two contracts for Pratt and Whitney Military Engines of Raytheon Technologies, an RTX (NYSE: RTX) business. The first is a not-to-exceed $405,343,228 undefinitized contract modification to a previously awarded firm-fixed-price, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract involving the production and delivery of the F135 propulsion system.
Pratt and Whitney Military Engines’ second award from the U.S. Navy is a $111.8 million contract modification to a previously awarded cost-plus-incentive-fee contract extending the performance period for the Propulsion System Block Four Flight Test Program to December 2026.
The Labor Department reported Wednesday that job openings in July dropped to 7.7 million from 7.9 million in June. Labor market data will be in focus before the Federal Open Market Committee meets and make an interest-rate decision on Sept. 18. The August jobs report due Friday is essential data for policymakers.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,446.83 | 14.20 | 0.26% |
| Dow Jones Industrial Average | 40,974.97 | 38.04 | 0.09% |
| S&P 500 | 5,520.07 | -8.86 | -0.16% |
| NASDAQ | 17,084.30 | -52.00 | -0.30% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 163.22 | 2.20 | 1.37% |
| LMT | 574.78 | 7.56 | 1.33% |
| GIB | 113.12 | 1.22 | 1.09% |
| MRCY | 37.54 | 0.35 | 0.94% |
| AVAV | 194.04 | 1.78 | 0.93% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LMT | 574.78 | 7.56 | 1.33% |
| BA | 163.22 | 2.20 | 1.37% |
| ACN | 343.99 | 2.11 | 0.62% |
| AVAV | 194.04 | 1.78 | 0.93% |
| GIB | 113.12 | 1.22 | 1.09% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 53.35 | -1.18 | -2.16% |
| CG | 38.12 | -0.37 | -0.96% |
| FLR | 46.92 | -0.40 | -0.85% |
| MMS | 89.73 | -0.67 | -0.74% |
| KBR | 66.73 | -0.48 | -0.71% |
