Executive Mosaic’s GovCon Index recovered from two-day losses, ending higher at $5,343.72 (+0.46%). On Wall Street, the broader S&P 500 Index (+0.40%) closed at 5,745.37, a new record high. The Dow Jones Industrial Average (+0.62%) and Nasdaq Composite (+0.60%) posted substantial gains.
Memory firm Micron Technology (Nasdaq: MU) and cosmetics company Estee Lauder (NYSE: EL) were among the day’s top advancers, with +14.73% and +10.01%, respectively. Super Micro Computer (Nasdaq: SMCI) tanked 12.17% after The Wall Street Journal reported that the Department of Justice is investigating its accounting practices.
At the closing bell, the GovCon Index had 17 of 30 stocks in positive territory. Accenture (NYSE: ACN) and Fluor Corporation (NYSE: FLR) led gainers, while BAE Systems faltered the most among the 13 decliners.
Professional services firm Accenture and Mondelēz International (Nasdaq: MDLZ) will collaborate and launch a new platform to improve their global marketing capabilities. The partners will expand the use of artificial intelligence and generative AI to optimize consumer experiences.
Fluor could benefit from the construction boom following the 0.50% interest rate cut. According to a Research and Markets report, the U.S. construction industry could grow by 5.6% to $1.27 trillion in 2024 and reach $1.53 trillion in 2028.
The U.S. Army awarded Raytheon, an RTX (NYSE: RTX) business, a $196.7 million cost-plus-fixed-fee contract for Coyote Interceptors. AeroVironment (Nasdaq: AVAV) secured a $54.8 million modification to a contract for Switchblade hardware production.
Northrop Grumman’s (NYSE: NOC) global security firm received a $134.1 million delivery order and modification from the Defense Logistics Agency. The subsumable base contract has a four-year term and one five-year option period.
The latest U.S. real gross domestic product data lifted equity markets. On Thursday, the U.S. Bureau of Economic Analysis reported that GDP rose at an annual rate of 3% in Q2 2024. Also, Federal Reserve Governor Lisa Cook gave a speech at Ohio State University. She said the 50-basis-point rate cut was a way to address increased downside risks to employment.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,343.72 | 24.67 | 0.46% |
| NASDAQ | 18,190.29 | 108.08 | 0.60% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 355.81 | 18.76 | 5.57% |
| FLR | 47.34 | 1.63 | 3.57% |
| GIB | 116.4 | 2.58 | 2.27% |
| MRCY | 36.97 | 0.77 | 2.13% |
| BA | 154.58 | 2.36 | 1.55% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 355.81 | 18.76 | 5.57% |
| CACI | 498.32 | 4.95 | 1.00% |
| HII | 260.36 | 3.34 | 1.30% |
| GIB | 116.4 | 2.58 | 2.27% |
| BA | 154.58 | 2.36 | 1.55% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 66.63 | -1.24 | -1.83% |
| ICFI | 164.56 | -2.76 | -1.65% |
| TTEK | 46.65 | -0.52 | -1.10% |
| AVAV | 194.7 | -2.05 | -1.04% |
| MMS | 91.85 | -0.84 | -0.91% |
