Executive Mosaic’s GovCon Index rises 1.02% to $5,698.46, a new high. On Wall Street, the Dow Jones Industrial Average (+0.69%) closed 304.14 points for another record close. The S&P 500 (+.10%) and Nasdaq Composite (+0.06%) posted modest gains.
Crypto-related stocks were the top market movers following Bitcoin’s (BTC-USD) climb to $88,455.05. Business intelligence platform and large BTC holder MicroStrategy (Nasdaq: MSTR) rose 25.73% to $304. Crypto exchange Coinbase (Nasdaq: COIN) jumped 19.76% to start the week.
GCI’s new milestone
Kratos Defense & Security Solutions (Nasdaq: KTOS) and 24 other gainers powered the GovCon Index to nearly $5,700. V2X (NYSE: VVX), AeroVironment (Nasdaq: AVAV), and Palantir Technologies (NYSE: PLTR) popped more than 3%. Fluor Corporation (NYSE: FLR) and Boeing (NYSE: BA) topped five decliners.
After Monday’s rise, Palantir Technologies, GCI’s top performer, is now up 250.84% year-to-date. Edge Delta expects the AI stock to benefit from the growing demand for data services. The platform provider projects the market to grow to $401.2 billion by 2028. Palantir is a major Big Data player.
Citigroup (NYSE: C) reduced its price target for Fluor from $65 to $60 because of weaker new project awards. However, the banking giant maintains a buy rating for the engineering and construction firm. As of this writing, FLR trades at $49.82 per share.
Boeing continues to look for ways to strengthen its financial position, including divestitures. Market analysts expect the plane maker to carefully manage cash flows as 737 MAX production resumes. Striking union members will return to work soon, but job cuts loom if Boeing starts streamlining operations.
Economic calendar
Investors will shift attention to economic data and inflation-related reports this week. The consumer price index and core CPI are due mid-week, followed by initial jobless claims, producer price index, and core PPI on Thursday. US retail sales for October will come out Friday.
Last week, Federal Reserve chairman Jerome Powell said policymakers would assess and rely on economic data for future rate actions. Stable inflation and maximum employment are the central bank’s top goals.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,698.46 | 58.11 | 1.02% |
| Dow Jones Industrial Average | 44,293.13 | 304.14 | 0.69% |
| NASDAQ | 19,298.76 | 11.98 | 0.06% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 27.08 | 1.11 | 4.27% |
| VVX | 68.7 | 2.18 | 3.28% |
| AVAV | 235.17 | 7.30 | 3.20% |
| PLTR | 60.24 | 1.85 | 3.17% |
| MRCY | 43.91 | 1.21 | 2.83% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 235.17 | 7.30 | 3.20% |
| LMT | 570.58 | 6.02 | 1.07% |
| HON | 225.24 | 5.75 | 2.62% |
| NOC | 533.7 | 4.71 | 0.89% |
| GD | 313.91 | 4.44 | 1.43% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| FLR | 49.82 | -1.11 | -2.18% |
| BA | 148.96 | -2.72 | -1.79% |
| ICFI | 170.57 | -1.07 | -0.62% |
| BAH | 183.4 | -0.10 | -0.05% |
| MMS | 91.51 | -0.05 | -0.05% |
