Executive Mosaic’s GovCon Index outperformed to start the week, rising 1.31% to $5,364.20. The blue-chip Dow Jones Industrial Average (+0.15%) and tech-heavy Nasdaq Composite (+0.14%) inched higher, while the broader S&P 500 Index (+0.28%) registered a new closing high.
Tesla (Nasdaq: TSLA) popped nearly 5% to $250 following upbeat forecasts by analysts by Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC). The electric vehicle maker moved its robotaxi event to October. Inversely, General Motors (NYSE: GM) declined 1.7% after investment research firm Bernstein downgraded the auto stock due to losses from its autonomous vehicle division and slower EV production.
The GovCon Index saw 26 of 30 stocks finish with gains. AeroVironment (Nasdaq: AVAV) jumped 11.9% to lead advancers, while Carlyle Group (Nasdaq: CG) topped the losing bunch. Palantir Technologies (NYSE: PLTR) rose 2.2% on its first day as an S&P 500 Index member.
Defense contractor AeroVironment will resume work on the previously suspended and questioned $990 million unmanned aerial vehicles contract award. The U.S. Army lifted the stop work order Monday.
Boeing (NYSE: BA) rose 2% on news the aircraft manufacturer increased its wage offer to striking union members from 25% to 30% over four years. The U.S. Navy also awarded Boeing a $319.2 million firm-fixed-price, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract supporting the sustainment of the F/A-18 automated maintenance environment system.
Northrop Grumman Systems, a subsidiary of Northrop Grumman (NYSE: NOC), received a $127.5 million modification from the U.S. Navy to a previously awarded fixed-price incentive contract that adds scope to procure weapon replaceable assemblies’ hardware.
The U.S. Army awarded Raytheon, an RTX (NYSE: RTX) business, a $103.2 million modification to a contract for producing Tube-Launched Optically Tracked Wireless-Guided.
Wall Street’s rate-cut relief rally has waned. However, Minneapolis Fed President Neel Kashkari and Chicago Fed President Austan Goolsbee believe more rate cuts are necessary to protect the labor market and support the economy.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,364.20 | 70.42 | 1.31% |
| Dow Jones Industrial Average | 42,124.65 | 61.29 | 0.15% |
| NASDAQ | 17,974.27 | 25.95 | 0.14% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 204.5 | 21.74 | 11.90% |
| KTOS | 23.55 | 0.64 | 2.79% |
| PLTR | 37.95 | 0.75 | 2.02% |
| BA | 156.3 | 3.01 | 1.96% |
| LHX | 237.73 | 4.52 | 1.94% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 204.5 | 21.74 | 11.90% |
| LMT | 580.51 | 8.59 | 1.50% |
| NOC | 533.14 | 8.01 | 1.53% |
| LHX | 237.73 | 4.52 | 1.94% |
| CW | 332.22 | 3.72 | 1.13% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CG | 43.12 | -0.56 | -1.28% |
| TXT | 86.89 | -1.02 | -1.16% |
| FLR | 46.65 | -0.54 | -1.14% |
| J | 148.33 | -0.31 | -0.21% |
| CACI | 491.45 | 0.27 | 0.06% |
