Executive Mosaic’s GovCon Index slipped 0.49% Monday to $5,007.86 following its strongest week in 2024. Wall Street’s top indexes were mostly flat, although the Nasdaq Composite (+0.29%) ended positive. The Dow Jones Industrial Average (-0.21%) snapped its eight-day winning streak, while the S&P 500 (-0.02%) closed lower.
Meme stocks were on centerstage due to an abnormal volume surge. GameStop (NYSE: GME) jumped 74.4% on a flurry of posts by Reddit hero Keith Gill, also known as Roaring Kitty. AMC Entertainment (NYSE: AMC) soared 78.35%. Trading was suspended several times owing to the violent trading reminiscent of 2021. Squarespace (NYSE: SQSP) popped 13.25% on news of a buyout by private equity firm Permira.
Mercury Systems (Nasdaq: MRCY) and Palantir Technologies (NYSE: PLTR) atoned for Friday’s losses, rising 2.72% and 1.65% to lead 11 GovCon Index advancers. V2X (NYSE: VVX) and ICF (NYSE: ICFI) were the top decliners, plus three more GCI stocks with more than 2.3% drops.
V2X announced an executive leadership change effective June 17, 2024. The company appointed Jeremy Wensinger as president, CEO and board member to succeed ten-time Wash100 awardee Chuck Prow. ICF ended its three-day winning streak, settling 3.4% lower at $147.82.
U.S. stocks’ movement to start the week was muted as investors await more inflation-related data. Critical economic data will pour in beginning Tuesday, including the producer price index, core PPI, consumer price index, core CPI, and U.S. retail sales. Higher or still high CPI and PPI could dim the chances of a rate cut.
On Monday, Federal Reserve vice-chairman Philip Jefferson said at a Cleveland event, “In light of the attenuation in progress, in terms of getting inflation down to our target, it is appropriate that we maintain the policy rate in restrictive territory, which it is right now.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,007.86 | -24.47 | -0.49% |
| Dow Jones Industrial Average | 39,431.51 | -81.33 | -0.21% |
| S&P 500 | 5,221.42 | -1.26 | -0.02% |
| NASDAQ | 16,388.24 | 47.37 | 0.29% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 28.75 | 0.76 | 2.72% |
| PLTR | 20.94 | 0.34 | 1.65% |
| HII | 253.93 | 1.90 | 0.75% |
| MMS | 85.27 | 0.51 | 0.60% |
| LHX | 220.58 | 0.98 | 0.45% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 253.93 | 1.90 | 0.75% |
| NOC | 476.65 | 1.85 | 0.39% |
| LMT | 470.56 | 1.68 | 0.36% |
| ACN | 307.41 | 1.08 | 0.35% |
| LHX | 220.58 | 0.98 | 0.45% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 47.13 | -1.99 | -4.05% |
| ICFI | 147.82 | -5.20 | -3.40% |
| BAH | 151.82 | -4.24 | -2.72% |
| BAESY | 68.4 | -1.91 | -2.72% |
| PSN | 76.76 | -1.82 | -2.32% |
