Executive Mosaic’s GovCon Index stretched its winning streak to three trading sessions, rising 0.58% to $4,982.68. Wall Street’s three major stock indexes had nearly identical gains Friday. The Dow Jones Industrial Average (+0.62%) hit a new all-time high in intraday trading, then settled at 40,000.90 points.
Momentum is back, with 76% and 68% of NYSE stocks and Nasdaq (+0.63%) components advancing before the weekend. The benchmark S&P 500 (+0.55%) closed above 5,600 points for the second time. Strong performances by tech stocks and renewed rate cut optimism boosted U.S. markets.
Ford Motor (NYSE: F) rose 4.16% following the launch of 0% interest leasing schemes on its electric vehicles, Mach-E and F-150 Lightning. Also, on Friday, American banks kicked off their earnings season. Wells Fargo (NYSE: WFC) declined 6.02% due to a 9% drop in net interest income in Q2 2024 to $11.9 billion.
The GovCon Index sustained its upward momentum as 20 of 30 constituents ended in positive territory. Accenture (NYSE: ACN) led all gainers with +4.24%, while Fluor Corporation (NYSE: FLR) and Jacobs (NYSE: J) followed with +2% or more. AeroVironment (Nasdaq: AVAV) topped the losing bunch with -1.19%.
Accenture is trending following increased technology spending and recent strategic acquisitions. The professional services company acquired engineering firm Cientra, industrial engineering solutions provider True North Solutions and silicon designer Excelmax Technologies.
The U.S. Navy awarded Lockheed Martin’s (NYSE: LMT) Rotary and Mission Systems a $300.9 million cost-plus-incentive-fee modification to a previously awarded contract for software engineering and on-site support for the Australia Surface Combatant program.
Another Navy award to the Lokcheed business is a $180.5 million contract modification relating to the Surface Ship Undersea Warfare Combat Systems.
Market analysts believe the case for a rate cut in September strengthened as recent inflation readings trended downward, along with job openings. The annualized 3% consumer price index in June was the lowest since March 2021.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,982.68 | 28.67 | 0.58% |
| Dow Jones Industrial Average | 40,000.90 | 247.15 | 0.62% |
| S&P 500 | 5,615.35 | 30.81 | 0.55% |
| NASDAQ | 18,398.45 | 115.04 | 0.63% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 310.63 | 12.64 | 4.24% |
| FLR | 47.64 | 1.09 | 2.34% |
| J | 143.93 | 2.82 | 2.00% |
| PLTR | 28.07 | 0.43 | 1.56% |
| SAIC | 117.74 | 1.72 | 1.48% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 310.63 | 12.64 | 4.24% |
| CACI | 439.23 | 5.12 | 1.18% |
| LMT | 463.73 | 3.35 | 0.73% |
| J | 143.93 | 2.82 | 2.00% |
| ICFI | 132.86 | 1.86 | 1.42% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 173.25 | -2.09 | -1.19% |
| BA | 182.31 | -1.60 | -0.87% |
| CW | 279.52 | -2.24 | -0.80% |
| PSN | 78.87 | -0.55 | -0.69% |
| RTX | 101.28 | -0.44 | -0.43% |
