Executive Mosaic’s GovCon Index ticked lower for the second straight day, slipping 0.45% to $4,880.65. Wall Street retreated from the previous day’s record performance, with the Dow Jones Industrial (-0.77%) and S&P 500 (-0.14%) closing in the red. However, the Nasdaq Composite (+0.16%) advanced and posted its 11th straight weekly gain.
The three major U.S. equities indexes gained 2% or more for the week. FedEx (NYSE: FDX) popped 7.35% after the package delivery company reported a 13% year-over-year earnings growth in Q3 fiscal 2024. Athletic apparel stocks Lululemon Athletica (Nasdaq: LULU) and Nike (NYSE: NIKE) tanked 15.8% and 6.9%, respectively.
On the GovCon Index, decliners (22) overwhelmed gainers (8), reversing Thursday’s performance. Curtiss-Wright (NYSE: CW) and RTX (NYSE: RTX) were the top performers, while Mercury Systems (NASDAQ: MRCY), CGI (NYSE: GIB), and Accenture (NYSE: ACN) logged the highest percentage drops.
Raytheon, an RTX business, obtained a $1.2 billion contract on Thursday to supply Germany with Patriot air and missile defense systems. The additional Patriot equipment will augment the country’s air defense infrastructure. Pratt & Whitney, another RTX business, will receive full funding for its F135 Engine Core Upgrade from the newly passed fiscal year 2024 Defense Appropriations bill.
Fed Chairman Jerome Powell said in the post-FOMC meeting press conference that there’ll be three rate cuts this year. His reconfirmation helped the major indexes hit record highs and finish the week with sizeable gains.
According to published reports Friday, the Swiss National Bank, the first to do so, announced a 0.25 interest rate cut to 1.5%. Other developed economies might follow the move of Switzerland’s central bank.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,880.65 | -16.54 | -0.34% |
| Dow Jones Industrial Average | 39,475.90 | -305.47 | -0.77% |
| S&P 500 | 5,234.18 | -7.35 | -0.14% |
| NASDAQ | 16,428.82 | 26.98 | 0.16% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 250.01 | 3.50 | 1.42% |
| RTX | 95.54 | 1.28 | 1.36% |
| FLR | 41.16 | 0.26 | 0.64% |
| LMT | 445.88 | 2.72 | 0.61% |
| BA | 188.85 | 1.15 | 0.61% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 250.01 | 3.50 | 1.42% |
| LMT | 445.88 | 2.72 | 0.61% |
| RTX | 95.54 | 1.28 | 1.36% |
| NOC | 468.75 | 1.26 | 0.27% |
| BA | 188.85 | 1.15 | 0.61% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 27.53 | -1.14 | -3.98% |
| GIB | 111.33 | -2.91 | -2.55% |
| ACN | 337.5 | -7.53 | -2.18% |
| CG | 46.42 | -0.97 | -2.05% |
| KTOS | 17.5 | -0.27 | -1.52% |
