Executive Mosaic’s GovCon Index is back in negative territory, dipping 0.33% to $4,740.64. Wall Street’s major indexes extended their slump, aided by the weakness of tech stocks. The Nasdaq Composite (-1.15%) and the S&P 500 (-0.58%) registered their fourth straight losing session, while the Dow Jones Industrial Average (-0.12%) edged lower.
Tech heavyweights and semi-conductor stocks retreated mid-week. Dutch chip fabrication equipment maker ASML Holdings (Nasdaq: ASML) tanked 7.09% after reporting a sharp revenue drop in the second quarter of 2024. Advanced Micro Devices (NASDAQ: AMD) and NVIDIA (Nasdaq: NVDA) fell 5.78% and 3.87%.
United Airlines (Nasdaq: UAL), Nasdaq’s top performer, advanced 17.45% on strong first quarter earnings despite losing nearly $200 million from the grounding of Boeing (NYSE: BA) 737 Max aircraft. The bright spot thus far in the earnings season is the strong showing of big banks, including Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS).
On the GovCon Index, BAE Systems and CGI (NYSE: GIB) led ten gainers. Palantir Technologies (NYSE: PLTR) and Tetra Tech (Nasdaq: TTEK) declined the most among the 20 losers. British aerospace, defense and information security company BAE Systems has gained 4.46% in the last five days.
Meanwhile, Boeing has transported its CST-100 Starliner from its Commercial Crew and Cargo Processing Facility at Kennedy Space Center in Florida to Cape Canaveral Space Force Station. The spacecraft will carry NASA astronauts Butch Wilmore and Suni Williams to the International Space Station. The launching date of the Crew Flight Test Mission is May 6.
Federal Reserve Bank of Cleveland President Loretta Mester spoke Wednesday at an event in Chagrin Falls, Ohio, reiterating that the central bank shouldn’t be in a hurry to cut interest rates. Mester added that a strong economy and robust labor market allow the Feds to be patient with its monetary policy.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,740.64 | -15.57 | -0.33% |
| Dow Jones Industrial Average | 37,753.31 | -45.66 | -0.12% |
| S&P 500 | 5,022.21 | -29.20 | -0.58% |
| NASDAQ | 15,683.37 | -181.88 | -1.15% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAESY | 67.7 | 0.89 | 1.33% |
| GIB | 104.5 | 0.84 | 0.81% |
| VVX | 46.25 | 0.33 | 0.72% |
| KTOS | 17.75 | 0.12 | 0.68% |
| LHX | 201.4 | 1.06 | 0.53% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 456.05 | 1.74 | 0.38% |
| NOC | 452.05 | 1.70 | 0.38% |
| LHX | 201.4 | 1.06 | 0.53% |
| BAESY | 67.7 | 0.89 | 1.33% |
| GIB | 104.5 | 0.84 | 0.81% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 21.31 | -0.57 | -2.61% |
| TTEK | 186.49 | -3.82 | -2.01% |
| AVAV | 146.62 | -2.84 | -1.90% |
| FLR | 39.6 | -0.76 | -1.88% |
| J | 142.97 | -2.01 | -1.39% |
