Executive Mosaic’s GovCon Index turned positive, edging 0.17% higher to $4,756.21. The blue-chip Dow Jones Industrial Average (+0.17%) snapped its six-day losing streak, while the S&P 500 (-0.21%) and Nasdaq Composite (-0.12%) finished with modest losses.
With interest rates likely to remain high indefinitely, the ten-year Treasury yield rose to 4.665% Tuesday, a five-month high. UnitedHealth Group (NYSE: UNH) was the top-performing Dow Jones component. Its share price popped 5.22% after the healthcare company reported an 8.8% revenue growth in Q1 2024 despite the recent cyberattack.
Super Micro Computer (Nasdaq: SMCI) jumped 10.6% following an analyst’s upgrade, while Morgan Stanley (NYSE: MS) gained 2.47% on better-than-expected first-quarter earnings.
Science Applications International Corporation (Nasdaq: SAIC) and AeroVironment (Nasdaq: AVAV), both Nasdaq constituents, led 18 advancers on the GovCon Index, an improvement from 25 on Monday. Two Nasdaq stocks, Mercury Systems (Nasdaq: MRCY) and Honeywell (Nasdaq: HON), were also the top decliners.
AeroVironment gained on news it signed an exclusive agreement with Parry Labs, a Modular Open Systems Approach, or MOSA, leader. The companies will collaborate in developing and integrating digital engineering, software, and mission system hardware into AeroVironment’s P550 uncrewed aircraft system, purpose-built for the U.S. Army’s Long Range Reconnaissance program.
Boeing (NYSE: BA) announced it would buy 9.4 million gallons or 35.6 million liters of blended sustainable aviation fuel to support its 2024 U.S. commercial operations, reduce carbon emissions, and help grow the fuel supply globally. It will be the plane maker’s largest annual SAF purchase.
On Tuesday, Fed Chairman Jerome Powell spoke at a Washington, D.C. event where he confirmed no rate cuts in the upcoming policy meeting from Apr 30 to May 1. “The recent data have clearly not given us greater confidence that inflation is headed toward the central bank’s 2% goal,” he said.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,756.21 | 8.28 | 0.17% |
| Dow Jones Industrial Average | 37,798.97 | 63.86 | 0.17% |
| S&P 500 | 5,051.41 | -10.41 | -0.21% |
| NASDAQ | 15,865.25 | -19.77 | -0.12% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| SAIC | 124.04 | 2.88 | 2.38% |
| AVAV | 149.46 | 3.34 | 2.29% |
| BA | 170.55 | 2.73 | 1.63% |
| CW | 249.93 | 2.85 | 1.15% |
| VVX | 45.92 | 0.51 | 1.12% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 149.46 | 3.34 | 2.29% |
| SAIC | 124.04 | 2.88 | 2.38% |
| CW | 249.93 | 2.85 | 1.15% |
| BA | 170.55 | 2.73 | 1.63% |
| LMT | 454.31 | 1.23 | 0.27% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 27.56 | -0.84 | -2.96% |
| HON | 190.72 | -3.32 | -1.71% |
| LHX | 200.34 | -2.88 | -1.42% |
| TTEK | 190.31 | -1.56 | -0.81% |
| KTOS | 17.63 | -0.11 | -0.62% |
