Executive Mosaic’s GovCon Index turned positive, ending slightly higher at $5,442.94 (+0.11%). Wall Street fell into red territory, with the Dow Jones Industrial Average (-0.44%) shedding almost 185 points. The broader S&P 500 Index (-0.17%) slipped, while the Nasdaq Composite (-0.04%) tilted lower.
Equity markets continue to lose steam because of geopolitical uncertainty. However, NVIDIA (Nasdaq: NVDA) led gainers with +3.37%. Its CEO, Jensen Huang, said in a CNBC interview that demand for the company’s AI chips is insane. Tesla (Nasdaq: TSLA) sunk 3.4% on news the electric car maker recalled 27,185 Cybertrucks due to visibility problems.
Decliners edged gainers on the GovCon Index Thursday. Top performers Palantir Technologies (NYSE: PLTR) and Carlye Group (Nasdaq: CG) rose more than 4%. Shipbuilder HII (NYSE: HII) and plane manufacturer Boeing (NYSE: BA) underperformed, along with 14 GCI stocks.
Palantir benefits from the AI demand and anticipates the adoption of the next-gen technology to grow among enterprises. Daniel Ives, an analyst at Wedbush Securities, raised his price target from $38 to $45, with an ‘outperform’ rating. The AI stock is up 128.54% year-to-date.
Carlyle-backed company, StandardAero (NYSE: SARO), debuted on the NYSE. The aircraft maintenance services provider raised $1.44 billion from the initial public offering. SARO’s closing price was $32.97, 37.4% higher than the $24 IPO price.
HII’s business unit, Mission Technologies, announced securing a $458 million deal relating to the modernization of the U.S. government’s communications and information technology networks. The contract with the Department of Defense is for five years.
Boeing shares dropped 1.55% on the 22nd day of the union strike. Meanwhile, the company secured a $251.4 million contract modification with the Defense Logistics Agency Aviation. The award is for fan duct transactional spares production for KC-135 aerial refueling tanker aircraft.
The U.S. labor-market readings have been strong, although the Middle East conflict heightens stock market volatility. Investors await the Bureau of Labor Statistics’ latest data on nonfarm payroll and unemployment rate due Friday.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,442.94 | 6.10 | 0.11% |
| Dow Jones Industrial Average | 42,011.59 | -184.93 | -0.44% |
| NASDAQ | 17,918.48 | -6.64 | -0.04% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 39.24 | 1.75 | 4.67% |
| CG | 45.01 | 1.77 | 4.09% |
| FLR | 49.05 | 1.43 | 3.00% |
| TTEK | 48.25 | 1.37 | 2.92% |
| J | 138.91 | 3.83 | 2.84% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 512.3 | 6.55 | 1.30% |
| ACN | 361.24 | 4.95 | 1.39% |
| J | 138.91 | 3.83 | 2.84% |
| LMT | 605.82 | 2.62 | 0.43% |
| CG | 45.01 | 1.77 | 4.09% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HII | 257.45 | -4.07 | -1.56% |
| BA | 150.52 | -2.37 | -1.55% |
| GD | 299.61 | -4.31 | -1.42% |
| AVAV | 201.23 | -2.77 | -1.36% |
| TXT | 86.11 | -0.87 | -1.00% |
