Executive Mosaic’s GovCon Index slipped 0.66% to $4,930.46 after a strong ending to March. The Dow Jones Industrial Average (-0.60%) and S&P 500 (-0.20%) fell from their record highs. Only the tech-heavy Nasdaq Composite (+0.11%) advanced to kick off a new month and quarter.
About 70% of NYSE stocks declined Monday. Dow Jones component 3M Company (NYSE: MMM) popped 6.02% following the announcement it completed the spinoff of Solventum (NYSE: SOLV), its healthcare business. Micron (Nasdaq: MU) rose 5.44% as Bank of America (NYSE: BAC) raised its price target for the memory chip stock.
On the GovCon Index, 24 of 30 stocks closed in the red. Top performers General Dynamics (NYSE: GD) and Tetra Tech (Nasdaq: TTEK) gained more than 2%. The losing batch was led by AeroVironment (Nasdaq: AVAV), Accenture (NYSE: ACN), and L3Harris Technologies (NYSE: LHX).
Tetra Tech, a provider of high-end consulting and engineering services for projects globally, announced that it will hold its inaugural Investor Day on May 14, 2024. The management team will share the company’s strategy and vision to drive revenue growth and margin expansion.
Two GCI decliners, Boeing (NYSE: BA) and Leidos (NYSE: LDOS), were awarded contracts by the U.S. Army. The plane maker secured a $116.7 million hybrid (cost-no-fee, cost-plus-fixed-fee, firm-fixed-price) contract for Apache logistics support. Leidos obtained a $631.17 million hybrid (cost-no-fee, cost-plus-fixed-fee, cost-plus-incentive-fee, firm-fixed-price, fixed-price-incentive) contract for development, integration, acquisition, bridging to logistics and operations.
According to market analysts, the higher-than-expected Personal Consumption Expenditures price index in February could extend the Feds’ rate-cutting timeline. Due to the dampened rate cut optimism, the ten-year Treasury yield went up 13 basis points to 4.319%. Important economic reports due this week include job openings and ADP employment.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,929.12 | -33.96 | -0.69% |
| Dow Jones Industrial Average | 39,566.85 | -240.52 | -0.60% |
| S&P 500 | 5,243.77 | -10.58 | -0.20% |
| NASDAQ | 16,396.83 | 17.37 | 0.11% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GD | 291.55 | 9.06 | 3.21% |
| TTEK | 188.91 | 4.20 | 2.27% |
| BAH | 149.06 | 0.62 | 0.42% |
| CW | 256.94 | 1.00 | 0.39% |
| PSN | 83.2 | 0.25 | 0.30% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GD | 291.55 | 9.06 | 3.21% |
| TTEK | 188.91 | 4.20 | 2.27% |
| CW | 256.94 | 1.00 | 0.39% |
| BAH | 149.06 | 0.62 | 0.42% |
| PSN | 83.2 | 0.25 | 0.30% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 149.42 | -3.86 | -2.52% |
| ACN | 339.17 | -7.44 | -2.15% |
| LHX | 208.56 | -4.54 | -2.13% |
| MMS | 82.37 | -1.53 | -1.82% |
| BA | 189.5 | -3.49 | -1.81% |
