Executive Mosaic’s GovCon Index finished 1.45% higher at $5,449.09, a strong start to Q4 2024. On the other hand, Wall Street’s major indexes were all red. The Nasdaq Composite and S&P 500 sunk 1.53% and 0.93% on Tuesday, while the Dow Jones Industrial Average (-0.41%) fell from its record high.
About 38% of Nasdaq components were flat, and only 32% recorded gains. Mega-cap tech stocks NVIDIA (Nasdaq: NVDA) and Apple (Nasdaq: AAPL) had outsized losses. Facebook’s parent company Meta (Nasdaq: META), survived the downtrend and ended positive.
The GovCon Index had 21 advancers, led by defense stocks. Kratos Defense & Security Solutions (Nasdaq: KTOS) topped the gainers with +6.48%. Lockheed Martin (NYSE: LMT) and RTX (NYSE: RTX) hit all-time highs. Palantir Technologies (NYSE: PLTR) declined 1.99%, the most significant percentage drop among nine in the losing bunch.
On Tuesday, AeroVironment (Nasdaq: AVAV) flight-tested Horus A, the upgraded version of Sunglider, to showcase its enhanced High-Altitude Platform-Station capabilities for commercial and government markets. The solar-powered unmanned aircraft system, or UAS, vehicle can carry up to 150 lbs. of payload with 1.5 kW of available power.
The U.S. Navy awarded Lockheed Martin Rotary and Mission Systems, one of four business areas of Lockheed, a $52.7 million contract modification for systems engineering support and software integration for the Integrated Combat System.
Lockheed Martin Aeronautics, another Lockheed business, secured a not-to-exceed $28.4 million undefinitized contract action with the U.S. Air Force for F-16 System Program Office Foreign Military Sales support.
Heightened Middle East risks triggered the selloff at Wall Street following a winning month. Iran launched a large-scale missile attack on Israel in retaliation for the latter’s ground assault in Lebanon.
On the economic front, the August JOLTS report by the Bureau of Labor Statistics showed a stronger labor market. The job openings reached 8.04 million compared to expectations of 7.7 million.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,449.09 | 79.00 | 1.45% |
| Dow Jones Industrial Average | 42,156.97 | -173.18 | -0.41% |
| NASDAQ | 17,910.36 | -278.81 | -1.53% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 24.81 | 1.51 | 6.48% |
| AVAV | 211.06 | 10.56 | 5.27% |
| LMT | 605.86 | 21.30 | 3.64% |
| LHX | 245.29 | 7.42 | 3.12% |
| NOC | 543.88 | 15.81 | 2.99% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LMT | 605.86 | 21.30 | 3.64% |
| NOC | 543.88 | 15.81 | 2.99% |
| AVAV | 211.06 | 10.56 | 5.27% |
| CW | 336.91 | 8.22 | 2.50% |
| LHX | 245.29 | 7.42 | 3.12% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 36.46 | -0.74 | -1.99% |
| FLR | 46.92 | -0.79 | -1.66% |
| TXT | 87.45 | -1.13 | -1.28% |
| GIB | 114.32 | -0.64 | -0.56% |
| MMS | 92.75 | -0.41 | -0.44% |
