Executive Mosaic’s GovCon Index closed slightly higher at $4,876.97 (+0.08%) as Wall Street’s main indexes posted moderate losses. The Dow Jones Industrial Average (-0.08%) and S&P 500 (-0.28%) extended their losing streaks to three, while the Nasdaq Composite (-0.42%) ended in the red for the second straight session. B
McCormick (NYSE: MKC) popped 10.52% after the food company reported a 19% year-over-year net income growth in Q1 2024. Trump Media & Technology Group (Nasdaq: DJT) gained 16.1% on its market debut.
V2X (NYSE: VVX) and Palantir Technologies (NYSE: PLTR) led 18 advancers on the GovCon Index. Boeing (NYSE: BA) was the worst performer among the 11 decliners, while Kratos Defense & Security Solutions (Nasdaq: KTOS) was flat. Moody’s Rating might downgrade Boeing’s credit rating despite a management shakeup.
On March 26, 2024, two General Dynamics (NYSE: GD) business units secured contracts. GD Electric Boat has been awarded a $145 million modification contract involving attack submarines by the Naval Sea Systems Command in Washington, D.C. The US Navy awarded General Dynamics NASSCO–Norfolk a $311.2 million firm-fixed-price contract action for maintenance, modernization, and repair of the USS Bataan (LHD 5) fiscal 2024 docking selected restricted availability.
In a press conference last week, Fed chairman Jerome Powell announced that the Federal Open Market Committee projects three cuts in 2024 despite a slight uptick in inflation. However, expectations among central bank officials are changing. Atlanta Fed president and currently an FOMC voting member Raphael Bostic expects only one rate cut.
On Tuesday, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said three rate cuts are “in line” with his thinking but clarified that the Feds’ projections are not forward guidance.
The timeline for the initial rate cut remains undetermined as the Feds wait for more economic reports and inflation-related data. The personal consumption expenditures price index, an inflation gauge, is coming out Friday.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,883.30 | 6.33 | 0.13% |
| Dow Jones Industrial Average | 39,282.33 | -31.31 | -0.08% |
| S&P 500 | 5,203.58 | -14.61 | -0.28% |
| NASDAQ | 16,315.70 | -68.77 | -0.42% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 45.19 | 0.89 | 2.01% |
| PLTR | 24.89 | 0.38 | 1.55% |
| HON | 201 | 2.52 | 1.27% |
| LDOS | 129.36 | 1.14 | 0.89% |
| ICFI | 150.29 | 1.30 | 0.87% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 336.39 | 2.57 | 0.77% |
| HON | 201 | 2.52 | 1.27% |
| CW | 251.21 | 1.76 | 0.71% |
| ICFI | 150.29 | 1.30 | 0.87% |
| LDOS | 129.36 | 1.14 | 0.89% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 187.5 | -3.91 | -2.04% |
| PSN | 81.24 | -1.10 | -1.34% |
| AVAV | 150.76 | -1.37 | -0.90% |
| MMS | 82.5 | -0.51 | -0.61% |
| HII | 289.87 | -0.93 | -0.32% |
