Executive Mosaic’s GovCon Index advanced for the second straight day, closing 0.45% higher at $5,484.66. Easing recession fears and a soft-landing scenario lifted the blue-chip Dow Jones Industrial Average (+1.03%) and broader S&P 500 (+0.71%) to new records. The tech-heavy Nasdaq Composite (+0.60%) extended its rally.
Cruise operators were the top S&P 500 gainers, led by the 10.91% and 7.05% gains of Norwegian Cruise Line (NYSE: NCLH) and Carnival (NYSE: CCL). However, the utility sector lost momentum, with Constellation Energy (Nasdaq: CEG) and NRG Energy (NYSE: NRG) falling 6.12% and 5.34%.
The GovCon Index had more gainers than decliners, 20 to 10. Palantir Technologies (NYSE: PLTR) outperformed again with +4.05%. The AI stock led 20 gainers, followed by Honeywell (Nasdaq: HON). Boeing (NYSE: BA) was the worst GCI and Dow Jones performer mid-week.
Advanced technology company Honeywell popped on news of its expanded collaboration with semiconductor manufacturer QUALCOMM (NASDAQ: QCOM). The partnership will create new AI-enabled solutions for the energy sector that should enhance connectivity in remote areas of manufacturing facilities.
Boeing dropped 3.41% as negotiations with the International Association of Machinists and Aerospace Workers collapsed. The plane maker withdrew its labor contract offer and will work on the next steps to reach a common ground. The resumption of talks hangs.
Curtiss-Wright (NYSE: CW) hit $345.54, a new 52-week high, in intra-day trading. The engineered products, solutions, and services provider raised its full-year guidance and projects 6% to 8% and double-digit sales and EPS growth, respectively.
Investors will focus on the consumer price index and the producer price index report, which will be released later this week. The Q3 2024 earnings season will also begin on Friday. Market analysts expect modest earnings growth from S&P 500 companies and a fifth consecutive quarter of double-digit earnings growth for the technology sector.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,484.66 | 24.92 | 0.45% |
| Dow Jones Industrial Average | 42,512.00 | 431.63 | 1.03% |
| NASDAQ | 18,291.62 | 108.70 | 0.60% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 43.13 | 1.68 | 4.05% |
| HON | 213.7 | 6.70 | 3.24% |
| CW | 344.57 | 6.45 | 1.91% |
| VVX | 60.29 | 1.12 | 1.89% |
| TXT | 86.34 | 1.35 | 1.59% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HON | 213.7 | 6.70 | 3.24% |
| CW | 344.57 | 6.45 | 1.91% |
| ACN | 365.08 | 4.70 | 1.30% |
| CACI | 516.88 | 4.52 | 0.88% |
| GD | 298.69 | 1.79 | 0.60% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BA | 149.37 | -5.28 | -3.41% |
| MRCY | 36.27 | -0.35 | -0.96% |
| LMT | 605.11 | -2.94 | -0.48% |
| KTOS | 24.96 | -0.11 | -0.44% |
| TTEK | 49.5 | -0.18 | -0.36% |
