Executive Mosaic’s GovCon Index rose 0.91% to $4,862.49, extending its winning streak to three days. Wall Street flashed green on strong Q1 earnings results. The Nasdaq Composite (+1.59%) and S&P 500 (+1.20%) recouped last week’s losses as the Dow Jones Industrial Average (+0.69%) stayed in positive territory.
General Motors (NYSE: GM), GE Aerospace (NYSE: GE), PepsiCo (Nasdaq: PEP), and streaming audio provider Spotify Technology (NYSE: SPOT) are among the stocks that popped on better-than-expected quarterly results. Steel producer Nucor (NYSE: NUE) sank 8.87% on a weaker outlook due to lower average selling prices.
Tesla (Nasdaq: TSLA), the first “Magnificent Seven” big tech company to report this week, ended 1.85% and popped 13.33% in after-hours trading. The electric vehicle maker announced it would accelerate the launch of new but cheaper models next year.
AeroVironment (Nasdaq: AVAV) was the top performer on the GovCon Index, jumping 5.73% to $158.30. V2X (NYSE: VVX) and Palantir Technologies (NYSE: PLTR) gained more than 3% to join 19 other gainers. Boeing (NYSE: BA) declined by 0.76%, leading the losing bunch. Market analysts expect bleak results when the plane maker presents its first-quarter report Wednesday.
AeroVironment, the manufacturer of unmanned aircraft systems, introduced its Autonomy Retrofit Kit and AVACORE software, which delivers new single or multi-agent mission capabilities to autonomous systems. Market analysts expect bleak results when Boeing presents its first-quarter report on Wednesday.
Lockheed Martin (NYSE: LMT) dipped 0.27% after reporting higher sales but lower net earnings in Q1 2024. Its $2.3 billion free cash flow during the quarter was the same in Q1 2023. Also, on Tuesday, the U.S. Navy awarded Lockheed Martin Rotary and Mission Systems a $102 million cost-plus-incentive-fee modification to previously-awarded contract relating to configurations of the AEGIS combat system.
Some market analysts worry that the Middle East conflict might increase oil prices and impact the U.S. economy. Heightened inflation risks could further delay the Federal Reserve’s timeline for the initial interest rate cut.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,862.49 | 44.46 | 0.91% |
| Dow Jones Industrial Average | 38,503.69 | 263.71 | 0.69% |
| S&P 500 | 5,070.55 | 59.95 | 1.20% |
| NASDAQ | 15,696.64 | 245.33 | 1.59% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 158.3 | 8.58 | 5.73% |
| VVX | 50.33 | 1.78 | 3.67% |
| PLTR | 21.64 | 0.67 | 3.19% |
| TTEK | 188.94 | 4.86 | 2.64% |
| CG | 46.33 | 1.13 | 2.50% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 158.3 | 8.58 | 5.73% |
| CACI | 382.43 | 6.35 | 1.69% |
| TTEK | 188.94 | 4.86 | 2.64% |
| NOC | 474.68 | 3.70 | 0.79% |
| BAH | 145.96 | 2.95 | 2.06% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 169.18 | -1.30 | -0.76% |
| GIB | 105.29 | -0.60 | -0.57% |
| MRCY | 27.44 | -0.08 | -0.29% |
| LMT | 460.08 | -1.25 | -0.27% |
| LHX | 207.68 | -0.46 | -0.22% |
