Executive Mosaic’s GovCon Index ended 49% higher at $5,469.34, marking another winning week. Wall Street flashed green, bannered by the tech-heavy Nasdaq Composite (+1.22%) and the broader S&P 500 Index (+0.90%). The Dow Jones Industrial Average Nasdaq Composite (+0.81%) closed at a fresh record high.
NYSE regained momentum, with 73% of stocks advancing. On the tech side, Facebook’s parent company, Meta (Nasdaq: META), rose 2.26% to a record $595.94. Surging oil prices lifted American oil giant Exxon Mobil (NYSE: XOM) by 1.84%, notwithstanding a lower profit guidance in Q3 2024.
The GovCon Index had 23 gainers before the weekend. Carlyle Group (Nasdaq: CG), AeroVironment (Nasdaq: AVAV), and Boeing (NYSE: BA) powered the index, while Kratos Defense & Security Solutions (Nasdaq: KTOS) topped seven losers.
Private equity firm Carlyle Group and property management company Morgan Group bought Macy’s (NYSE: M) closed store in Florida and adjacent parking lot for $10.86 million. The plan is to develop and build over 350 apartments at the site.
Boeing advanced 2.98% to $155, ending its losing streak since Oct. 1. Negotiators for The U.S. plane maker and striking members of the International Association of Machinists and Aerospace Workers have agreed to resume labor contract talks on Oct. 7.
Also, on Friday, United Launch Alliance, a joint venture of Boeing and Lockheed Martin (NYSE: LMT), announced launching the Vulcan rocket, a rival to Space X’s Falcon 9. The successful launch from the Cape Canaveral Space Force Station in Florida could lead to securing certification for Pentagon missions.
The U.S. Navy awarded General Dynamics Electric Boat two contracts. The first is a $376.8 million cost-plus-fixed-fee modification to a previously awarded contract for Lead Yard support and development studies and design efforts related to Virginia Class submarines. The second contract of the General Dynamics (NYSE: GD) subsidiary is a $243.8 million order against a previously issued basic ordering agreement to provide unique parts and specialized material, including initial spares, for Virginia-class submarines.
The Bureau of Labor Statistics reported 254,000 new jobs in September, which dwarfed the economists’ estimates of 140,000. Furthermore, the unemployment rate was 4.1% compared to 4.2% a month earlier. Both blowout data reflect a resilient economy. Some market analysts say small rate cuts might be enough until year-end.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,469.34 | 26.54 | 0.49% |
| Dow Jones Industrial Average | 42,352.75 | 341.16 | 0.81% |
| S&P 500 | 5,751.07 | 51.13 | 0.90% |
| NASDAQ | 18,137.85 | 219.37 | 1.22% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CG | 46.88 | 1.87 | 4.15% |
| AVAV | 207.95 | 6.84 | 3.40% |
| BA | 155 | 4.48 | 2.98% |
| KBR | 68.25 | 1.89 | 2.85% |
| PLTR | 40.01 | 0.77 | 1.96% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 207.95 | 6.84 | 3.40% |
| BA | 155 | 4.48 | 2.98% |
| KBR | 68.25 | 1.89 | 2.85% |
| CG | 46.88 | 1.87 | 4.15% |
| SAIC | 145.64 | 1.60 | 1.11% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 24.75 | -0.43 | -1.71% |
| GIB | 114.99 | -1.04 | -0.90% |
| NOC | 536.74 | -0.84 | -0.16% |
| LMT | 605.13 | -0.69 | -0.11% |
| BAH | 160.8 | -0.16 | -0.10% |
