Executive Mosaic’s GovCon Index is on a roll, rising to $5,069.49 on another modest gain. The Dow Jones Industrial Average (+0.17%) turned positive, while the S&P 500 (+0.25%) and Nasdaq Composite (+0.22%) registered new closing highs. Strong quarterly earnings drove Wall Street higher.
Market movers were First Solar (Nasdaq: FSLR) and Macy’s (NYSE: M). The solar panel maker (+8.03%) received an upgrade from UBS, while the department store chain (+5.13%) reported better-than-expected Q1 2024 results. Exercise equipment and media company Peloton Interactive (Nasdaq: PTON) plunged 16.37% on news that it started selling a $1 billion loan offering to recover from a sales slump.
The GovCon Index extended its winning streak to six consecutive days, owing to 17 advancers. Fluor Corporation (NYSE: FLR), the Carlyle Group (Nasdaq: CG), and Curtiss-Wright (NYSE: CW) led the gainers, while Mercury Systems (Nasdaq: MRCY) declined the most among 13 underperformers.
The Carlyle Group completed and raised its fifth and largest Japanese buyout fund Tuesday. According to the American private equity firm, it will invest the new $2.8 billion (430 billion yen) fund in three broad areas: technology, media and telecommunications; consumer goods, retail and health care; manufacturing and related businesses.
Curtiss-Wright announced receiving a $16 million contract from Iron Bow to provide PacStar 400 series modules and Commercial Solutions for Classified integration to the U.S. Air Force communications. Iron Bow is the acting prime contractor in an estimated $60 million contract with the Air Force. Curtiss-Wright’s Defense Solutions division will perform the work until year-end 2027.
Boeing (NYSE: BA) will invest $176 million in three aerospace development projects across the border. The plane maker’s investment in Canadian enterprises reciprocates Canada’s purchase of Poseidon military surveillance planes in a deal arranged with the U.S. government.
Federal Reserve Governor Christopher Waller said in an interview with CNBC that he needs some convincing before supporting any rate cut moves. However, Waller adds that further rate hikes are probably unnecessary because inflation is easing.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,069.49 | 5.62 | 0.11% |
| Dow Jones Industrial Average | 39,872.99 | 66.22 | 0.17% |
| S&P 500 | 5,321.41 | 13.28 | 0.25% |
| NASDAQ | 16,832.62 | 37.75 | 0.22% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 40.88 | 1.89 | 4.85% |
| CG | 44.39 | 1.02 | 2.35% |
| CW | 285.21 | 5.82 | 2.08% |
| J | 138.79 | 1.90 | 1.39% |
| BAESY | 71.1 | 0.62 | 0.88% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 285.21 | 5.82 | 2.08% |
| NOC | 471.9 | 2.96 | 0.63% |
| J | 138.79 | 1.90 | 1.39% |
| FLR | 40.88 | 1.89 | 4.85% |
| LHX | 225.25 | 1.63 | 0.73% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 31.82 | -0.63 | -1.94% |
| PLTR | 21.24 | -0.38 | -1.76% |
| ICFI | 144.73 | -2.50 | -1.70% |
| GD | 297.06 | -3.17 | -1.06% |
| BA | 184.78 | -1.83 | -0.98% |
