Executive Mosaic’s GovCon Index extended its losses, declining 0.29% to $5,319.05. The Dow Jones Industrial Average (-0.70%) shed more than 290 points, while the S&P 500 (-0.19%) fell from its record high. A mild tech rally kept the Nasdaq Composite (+0.04%) afloat.
The utility sector was the top gainer on the S&P 500. Vistra (NYSE: VST) rose 5.94% after Morgan Stanley (NYSE: MS) and Jefferies Financial (NYSE: JEF) raised their price targets for the shares of the electricity and power generation company. CPU maker Intel (Nasdaq: INTC) gained 3.2% on the tech side.
Jacobs (NYSE: J) was the top performer on the GovCon Index for the second straight day, besting ten gainers with +2.41% on mid-week. Boeing (NYSE: BA) and Carlyle Group (Nasdaq: CG) dropped more than 2% to lead 19 decliners.
On Wednesday, the New York Metropolitan Transportation Authority selected Jacobs as the program management consultant for the Long Island Rail Road station improvements project. The technical professional services firm will provide program and commercial management services, oversee construction, identify risks and ensure design compliance.
Boeing and members of the International Association of Machinists and Aerospace Workers are in a deadlock in their labor contract negotiations. Analysts estimate that the union strike is causing the plane maker a $50 million daily cash burn. Federal mediators will be present when talks resume on Friday.
The U.S. Navy awarded Mercury Systems (Nasdaq: MRCY) a $131.3 million firm-fixed-price indefinite-delivery/indefinite-quantity contract to produce and deliver Advanced Data Transfers System components. The contract is part of the Small Business Innovation Research Phase III.
Raytheon, an RTX (NYSE: RTX) business, received a $126.2 million firm-fixed-price contract award from the U.S. Army for Stinger missiles, ancillary equipment and support.
Federal Reserve Governor Adriana Kugler spoke Wednesday at a Harvard Kennedy School event. “I strongly supported last week’s decision, and if progress on inflation continues as I expect, I will support additional cuts,” she said. The Feds lowered the policy rate by 0.50% on Sept. 18.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,319.05 | -15.23 | -0.29% |
| Dow Jones Industrial Average | 41,914.75 | -293.47 | -0.70% |
| NASDAQ | 18,082.21 | 7.69 | 0.04% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| J | 154.08 | 3.62 | 2.41% |
| PSN | 102.9 | 1.93 | 1.91% |
| MMS | 92.69 | 0.89 | 0.97% |
| HON | 206.78 | 1.51 | 0.74% |
| RTX | 120.9 | 0.86 | 0.72% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| J | 154.08 | 3.62 | 2.41% |
| PSN | 102.9 | 1.93 | 1.91% |
| HON | 206.78 | 1.51 | 0.74% |
| MMS | 92.69 | 0.89 | 0.97% |
| RTX | 120.9 | 0.86 | 0.72% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 152.22 | -3.59 | -2.30% |
| CG | 42.41 | -0.93 | -2.15% |
| TXT | 85.49 | -1.19 | -1.37% |
| FLR | 45.71 | -0.57 | -1.23% |
| MRCY | 36.2 | -0.38 | -1.04% |
