Executive Mosaic’s GovCon Index rose 0.41% to $4,963.08 and kept pace with Wall Street’s push to new record highs. While the tech-heavy Nasdaq Composite (-0.12%) closed in the red, the S&P 500 (+0.11%) and Dow Jones Industrial (+0.12%) gained to post their best first quarters since 2019 and 2021, respectively.
Estée Lauder (NYSE: EL) showed up Thursday and climber 6.2% after Bank of America (NYSE: BAC) analysts raised their price target and recommended a buy rating. They expect a meaningful growth ahead. AMC Entertainment (NYSE: AMC) tumbled 14.29% on news that the theatre chain operator will sell Class A common stock through an at-the-market offering to raise $250 million.
Like on Wednesday, 25 GovCon Index stocks finished with gains. AeroVironment (Nasdaq: AVAV), Mercury Systems (Nasdaq: MRCY), and Accenture (NYSE: ACN) were the top performers. Accenture announced making a strategic investment, through Accenture Ventures, in Sanctuary AI, a developer of AI-driven humanoid robots designed for general-purpose tasks. The company sees immense potential for humanoid robots across various sectors.
Palantir Technologies (NYSE: PLTR) lost 6.12% to lead the five decliners. The AI stock pulled back after an analyst at Monness, Crespi, Hardt & Co. downgraded its rating from neutral to sell despite maintaining a $20 price target.
On March 28, 2024, the U.S. Navy awarded Lockheed Martin Aeronautics, a major unit of Lockheed Martin (NYSE: LMT), a $95.88 million modification to a previously awarded cost-plus-incentive-fee contract. The modification extends services and infrastructure support for F-35 Joint Strike Fighter laboratory facilities and F-35 developmental flight test activities.
The Commerce Department released the Personal Consumption Expenditures price index on Good Friday. PCE, one of the Feds’ preferred inflation gauges, rose to 2.5% in February versus 2.4% in January. The faster pace reversed the progress in the fight against inflation, although the core PCE index, excluding energy and food costs, slowed to 2.8% from 2.9%.
Also, during a macroeconomics and monetary policy conference in San Francisco, Fed chairman Jerome Powell raised concerns about early rate cuts on Friday. Still, he said that PCE inflation is in line with expectations and inflation will continue to ease on its sometimes bumpy path.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,963.08 | 20.47 | 0.41% |
| Dow Jones Industrial Average | 39,807.37 | 47.29 | 0.12% |
| S&P 500 | 5,254.35 | 5.86 | 0.11% |
| NASDAQ | 16,379.46 | -20.06 | -0.12% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 153.28 | 4.00 | 2.68% |
| MRCY | 29.5 | 0.64 | 2.22% |
| ACN | 346.61 | 5.67 | 1.66% |
| KTOS | 18.38 | 0.25 | 1.38% |
| ICFI | 150.63 | 1.70 | 1.14% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 346.61 | 5.67 | 1.66% |
| AVAV | 153.28 | 4.00 | 2.68% |
| CW | 255.94 | 2.37 | 0.93% |
| HII | 291.47 | 1.72 | 0.59% |
| ICFI | 150.63 | 1.70 | 1.14% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 23.01 | -1.50 | -6.12% |
| BAESY | 69.35 | -0.37 | -0.53% |
| LMT | 454.87 | -1.91 | -0.42% |
| TXT | 95.93 | -0.32 | -0.33% |
| CACI | 378.83 | -0.06 | -0.02% |
