Executive Mosaic’s GovCon Index inched 0.07% higher to $4,899.46 to start the second week of April. Wall Street’s major indexes changed slightly, with the Dow Jones Industrial Average (-0.03%) and S&P 500 (-0.04%) closing marginally lower. The Nasdaq Composite (+0.03%) closed in positive territory.
Tesla (Nasdaq: TSLA) climbed 4.9% following Elon Musk’s tweet that the carmaker will reveal its robotaxi product in August. GE Vernova (NYSE: GEV) jumped 5.92% following JPMorgan (NYSE: JPM) analysts’ first upgrade.
The GovCon Index mirrored the uptick last Friday, with 22 stocks advancing. Kratos Defense & Security Solutions (Nasdaq: KTOS), Mercury Systems (Nasdaq: MRCY), and AeroVironment (Nasdaq: AVAV) were the top gainers. Only Jacobs (NYSE: J), among the eight decliners, fell more than 1%.
General Dynamics (NYSE: GD) dipped 0.69% to $293.13, although it rose to an all-time high of $296.50 in intraday trading. The defense stock is one of 18 S&P 500 index stocks that hit new 52-week highs despite the light trading volume.
Jacobs was selected as Amtrak’s Delivery Partner for the Frederick Douglas Tunnel program. The program is one of the largest national transportation infrastructure investments. Jacobs will operate under a joint venture with AECOM, an engineering, consulting and project management services provider.
The Missile Defense Agency awarded Lockheed Martin Rotary and Mission Systems, a Lockheed Martin’s (NYSE: LMT) business segment, a $271.2 million modification to the previously awarded contract under Foreign Military Sales Case JA-P-NCO.
Also on Monday, the U.S. Navy awarded the Launch Vehicles Division of Northrop Grumman Systems, a subsidiary of Northrop Grumman (NYSE: NOC), a $52.1 million modification to a previously awarded firm-fixed-price contract. This modification exercises options for procuring and delivering 16 GQM-163A Coyote Supersonic Sea-Skimming Targets systems.
While the better-than-expected March jobs report lifted Wall Street last Friday, analysts believe the market’s direction hinges on the Federal Reserve’s interest rate decision. However, Minneapolis Fed President Neel Kashkari said a no-rate cut scenario is possible if inflation continues to move sideways.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,899.46 | 3.44 | 0.07% |
| Dow Jones Industrial Average | 38,892.80 | -11.24 | -0.03% |
| S&P 500 | 5,202.39 | -1.95 | -0.04% |
| NASDAQ | 16,253.96 | 5.44 | 0.03% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.51 | 0.71 | 3.99% |
| MRCY | 29.24 | 0.80 | 2.81% |
| AVAV | 152.31 | 3.78 | 2.54% |
| VVX | 46.34 | 0.50 | 1.09% |
| CACI | 378.64 | 4.06 | 1.08% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 378.64 | 4.06 | 1.08% |
| AVAV | 152.31 | 3.78 | 2.54% |
| NOC | 456.36 | 1.86 | 0.41% |
| MRCY | 29.24 | 0.80 | 2.81% |
| KTOS | 18.51 | 0.71 | 3.99% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 146.12 | -1.80 | -1.22% |
| KBR | 64.34 | -0.59 | -0.91% |
| BA | 181.56 | -1.58 | -0.86% |
| PSN | 83.69 | -0.59 | -0.70% |
| GD | 293.13 | -2.05 | -0.69% |
