Executive Mosaic’s GovCon Index closed at $4,923.43 or 0.58% higher to continue its strong start in May. The 42.2% month-on-month drop in non-farm payrolls lifts Wall Street. All major indexes surged, with Nasdaq Composite rising nearly 2%, followed by the S&P 500 (+1.26%) and the Dow Jones Industrial Average (+1.18%).
Apple (Nasdaq: AAPL) was the headline stock on the tech-heavy index, gaining 5.98% after the iPhone maker announced a $110 billion share repurchase, the largest buyback in history. Amgen (Nasdaq: AMGN) jumped 11.82% following the encouraging results of the interim analysis of the phase two study of its weight-loss drug MariTide.
The GovCon Index had 23 of 30 components finish in positive territory. Palantir Technologies (NYSE: PLTR), Kratos Defense & Security Solutions (Nasdaq: KTOS), and BAE Systems were the top advancers. Fluor Corporation (NYSE: FLR) fell 5.67% despite the return to profitability in Q1 2024 and a $32.7 billion backlog at the quarter’s end.
Meanwhile, Palantir Technologies rose 3.46% ahead of its first-quarter earnings presentation on May 6. The company is a forerunner in artificial intelligence and continues to benefit from the AI boom.
On May 3, 2024, the Missile Defense Agency awarded Boeing (NYSE: BA) a non-competitive, hybrid cost-plus-award fee, cost-plus-fixed-fee contract. This National Team–Systems and Engineering contract is worth $460.5 million.
Also, on Friday, the U.S. Army awarded Lockheed Martin Missiles and Fire Control an other transaction authority agreement with a ceiling of $170.2 million. MFC, one of Lockheed Martin’s (NYSE: LMT) four core business areas, will evaluate enabling technologies for possible integration into a prototype weapon system.
The Bureau of Labor Statistics reported that the U.S. economy added 175,000 jobs in April 2024 compared to 303,000 in March, while the unemployment rate rose to 3.9% from 3.8% a month ago. Despite the weaker jobs data, Fed Governor Michelle Bowman remains ready to increase interest rates if prices continue to move higher.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,923.43 | 28.51 | 0.58% |
| Dow Jones Industrial Average | 38,675.68 | 450.02 | 1.18% |
| S&P 500 | 5,127.79 | 63.59 | 1.26% |
| NASDAQ | 16,156.33 | 315.37 | 1.99% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 23.33 | 0.78 | 3.46% |
| KTOS | 18.54 | 0.45 | 2.49% |
| BAESY | 68.81 | 1.51 | 2.24% |
| J | 148.1 | 3.17 | 2.19% |
| CW | 268.17 | 5.24 | 1.99% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 268.17 | 5.24 | 1.99% |
| CACI | 414.95 | 3.99 | 0.97% |
| TTEK | 207.75 | 3.49 | 1.71% |
| ACN | 303.71 | 3.37 | 1.12% |
| J | 148.1 | 3.17 | 2.19% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 38.9 | -2.34 | -5.67% |
| NOC | 469.09 | -5.91 | -1.24% |
| MRCY | 29.04 | -0.30 | -1.02% |
| LDOS | 141.67 | -0.99 | -0.69% |
| RTX | 101.4 | -0.49 | -0.48% |
