Executive Mosaic’s GovCon Index climbed 1.21% to $4,903.23 and outperformed Wall Street’s main indexes. The Nasdaq Composite (-0.41%) and S&P 500 (-0.25%) retreated from their all-time highs, while the Dow Jones Industrial Average closed lower (-0.25%).
Nonetheless, tech stocks with AI plays continued their rally from last week. Hewlett Packard Enterprise (NYSE: HPE) popped 10.22% after reporting its growing backlog of AI servers, while Super Micro Computer (Nasdaq: SMCI) soared 18.65%. The seller of servers and storage systems used in AI will join the S&P 500 Index when the market opens on March 18, 2024.
On the GovCon Index, AI stock Palantir Technologies (NYSE: PLTR) fell 3.57% to lead decliners. The company signed a partnership agreement with the Ministry of Economy of Ukraine on Monday. Under the agreement, its AI-enabled software will support the Ukrainian government in bringing 80% of potentially contaminated land into use in ten years.
Meanwhile, 15 GCI constituents advanced, with Tetra Tech (Nasdaq: TTEK), L3Harris Technologies (NYSE: LHX) and Parsons Corporation (NYSE: PSN) leading the surge. Tetra Tech rose 3.81% on news late Friday of a $375 million multiple-award, five-year contract from NASA. The consulting and engineering services firm will provide technical support for assessing and restoring contaminated sites at the agency’s facilities across the United States.
Also, on Monday, Mercury Systems (Nasdaq: MRCY) secured a five-year contract from the U.S. Navy. The $243 million indefinite-delivery/indefinite-quantity contract will supply rapidly reprogrammable electronic attack training subsystems for the Naval Air Warfare Center Weapons Division.
Several economic reports will come out this week, including job openings, initial jobs claim and monthly U.S. payroll report. On Thursday, Fed Chairman Jerome Powell will appear before the Senate Banking Committee to give the semi-annual monetary policy update.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,903.23 | 59.12 | 1.21% |
| Dow Jones Industrial Average | 38,989.83 | -97.55 | -0.25% |
| S&P 500 | 5,130.95 | -6.13 | -0.12% |
| NASDAQ | 16,207.51 | -67.43 | -0.41% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 183.24 | 6.73 | 3.81% |
| LHX | 215.96 | 6.15 | 2.93% |
| PSN | 82.84 | 2.02 | 2.50% |
| CACI | 378.73 | 9.01 | 2.44% |
| MMS | 85.3 | 1.46 | 1.74% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 378.73 | 9.01 | 2.44% |
| TTEK | 183.24 | 6.73 | 3.81% |
| LHX | 215.96 | 6.15 | 2.93% |
| LMT | 431.94 | 5.48 | 1.28% |
| NOC | 460.08 | 5.18 | 1.14% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 24.04 | -0.89 | -3.57% |
| MRCY | 29.57 | -0.16 | -0.54% |
| FLR | 36.58 | -0.07 | -0.19% |
| KTOS | 18 | -0.03 | -0.17% |
| VVX | 38.64 | -0.06 | -0.15% |
