Executive Mosaic’s GovCon Index ends higher at $5,409.28 (+0.71%) for another winning week. Wall Street rejoiced before the weekend after the Feds intimated a rate cut in September. The Dow Jones Industrial Average (+1.14%) and S&P 500 (+1.15%) closed near record levels, while the Nasdaq Composite (+1.47%) also advanced more than one percent.
Chipmakers rallied Friday, and cruise operators advanced due to higher earnings estimates in the travel industry. NVIDIA (Nasdaq: NVDA) led tech constituents with +4.45%. Carnival Corporation (NYSE: CCL) and Norwegian Cruise Line (NYSE: NCLH) popped more than 7.5%. Building materials supplier Builders FirstSource (NYSE: BLDR) topped the S&P 500 Index with +8.75%.
On the GovCon Index, 80% or 24 of the 30 stocks finished with gains. Kratos Defense & Security Solutions (Nasdaq: KTOS) and V2X (NYSE: VVX) were the top two performers. General Dynamics (NYSE: GD) declined the most from the losing bunch that registered modest losses.
Two Kratos MQM-178 Firejets participated in the first-ever multi-jet flight tests Thursday. Shield AI’s Hivemind AI Pilot piloted the aircraft. Kratos is the leading manufacturer of unmanned jets and drones.
V2X extended its winning streak to four days and continues to ride high following a $3.7 billion task order from the U.S. Army. General Dynamics and Lockheed Martin (NYSE: LMT) formed a strategic teaming agreement last week to develop and enhance solid rocket motors production beginning in 2025.
The U.S. Air Force awarded Northrop Grumman (NYSE: NOC) Systems a $200.25 million cost-plus-incentive-fee contract for Deep Space Advanced Radar Capability Site 2. The contract is within the European Command’s area of responsibility through a partnership with the U.K. It includes the second DARC radar site’s design, integration, and testing.
Sikorsky, a Lockheed company, secured a $52.19 million modification to a contract for HH-60M Black Hawk helicopters with the U.S. Army. The estimated completion date for the work in Stratford, Connecticut is June 30, 2027.
According to Fed Chairman Jerome Powell, the central bank made progress in restoring price stability, maintaining a strong labor market, and avoiding sharp increases in unemployment. “The time has come to adjust policy rates,” he said Friday from Jackson Hole.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,409.28 | 38.48 | 0.71% |
| Dow Jones Industrial Average | 41,175.08 | 462.30 | 1.14% |
| S&P 500 | 5,634.61 | 63.97 | 1.15% |
| NASDAQ | 17,877.79 | 258.44 | 1.47% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 22.77 | 1.12 | 5.17% |
| VVX | 57.09 | 1.89 | 3.42% |
| ICFI | 163.09 | 3.50 | 2.19% |
| SAIC | 129.56 | 2.70 | 2.13% |
| CW | 309.99 | 5.82 | 1.91% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 475 | 6.43 | 1.37% |
| CW | 309.99 | 5.82 | 1.91% |
| ICFI | 163.09 | 3.50 | 2.19% |
| ACN | 333.27 | 2.70 | 0.82% |
| SAIC | 129.56 | 2.70 | 2.13% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GD | 291.45 | -2.00 | -0.68% |
| PLTR | 31.78 | -0.14 | -0.44% |
| LMT | 555.01 | -2.02 | -0.36% |
| LHX | 230.68 | -0.53 | -0.23% |
| PSN | 94.61 | -0.14 | -0.15% |
