Executive Mosaic’s GovCon Index dipped 0.19% to $4,968.16 for its third straight daily loss following a strong start to the week. The Dow Jones Industrial Average (+0.09%) and S&P 500 (+0.09%) hardly moved, while cybersecurity and software stocks gave the Nasdaq Composite (+0.30%) a slight boost.
Most semiconductor stocks, led by NVIDIA (Nasdaq: NVDA), retreated, but cybersecurity firm Alto Palto Networks (Nasdaq: PANW) and cloud security platform Zscaler (Nasdaq: ZS) advanced 4.78% and 5.75%, respectively.
On the GovCon Index, advancers and decliners were almost even, 16 versus 14. Palantir Technologies (NYSE: PLTR) and Boeing (NYSE: BA) led the gainers that endured the volatile trading session. Palantir’s announced partnership with Voyager Space continues to positively impact the AI stock. By integrating its AI tools across the Voyager enterprise, Palantir will help advance the space and defense technology sectors.
Boeing rose for the second consecutive session despite the sanction by a Federal Accident Investigator for revealing 737 Max investigation details to journalists. AeroVironment (Nasdaq: AVAV), GCI’s top performer thus far in 2024, sunk 7.73% after reporting a 57% year-over-year drop in adjusted earnings per share in Q4 fiscal 2024.
The U.S. Navy awarded Lockheed Martin (NYSE: LMT) a $1.5 billion cost-plus-fixed-fee, cost-plus-incentive-fee, fixed-price-incentive-fee, and firm-fixed-price contract. This contract will provide logistics support to the delivered F-35 Lightning II Joint Strike Fighter Air Systems for the Air Force, Marine Corps, Navy, Foreign Military Sales customers, and non-U.S. Department of Defense participants.
Also, on Thursday, the Air Force awarded Lockheed Martin Aeronautics a not-to-exceed $520.4 million fixed-price incentive, firm-target modification to a previously awarded contract for Foreign Military Sales F-16 Viper Shield electronic warfare suite production.
Friday is D-Day for investors when the Bureau of Economic Analysis releases the Feds’ preferred inflation gauge. The Personal Consumer Expenditure and core PCE indexes can influence the start of a rate-cut cycle. On Thursday, Federal Reserve Bank President of Atlanta Raphael Bostic said he forecasts a one quarter-point interest-rate cut in the October to December quarter.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,968.16 | -9.38 | -0.19% |
| Dow Jones Industrial Average | 39,164.06 | 36.26 | 0.09% |
| S&P 500 | 5,482.87 | 4.97 | 0.09% |
| NASDAQ | 17,858.68 | 53.52 | 0.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 25.22 | 1.12 | 4.65% |
| BA | 182.51 | 4.01 | 2.25% |
| TTEK | 215.05 | 2.41 | 1.13% |
| PSN | 81.99 | 0.81 | 1.00% |
| ICFI | 151.33 | 1.33 | 0.89% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 182.51 | 4.01 | 2.25% |
| NOC | 434.91 | 3.42 | 0.79% |
| TTEK | 215.05 | 2.41 | 1.13% |
| ICFI | 151.33 | 1.33 | 0.89% |
| PLTR | 25.22 | 1.12 | 4.65% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 177.91 | -14.90 | -7.73% |
| MRCY | 26.76 | -0.45 | -1.65% |
| FLR | 43.05 | -0.56 | -1.28% |
| SAIC | 117.16 | -0.86 | -0.73% |
| GD | 292.5 | -2.03 | -0.69% |
