Executive Mosaic’s GovCon Index edged 0.15% lower to $4,844.11 to start March. However, the major U.S. indexes advanced, with the tech-heavy Nasdaq Composite (+1.14%) registering a new record high of 16,274.94. The S&P (+0.80%) closed above 5,100 for the first time, while the Dow Jones (+0.23%) added 90.99 points.
Most market analysts credit the emphasis on artificial intelligence or AI for the run up of tech stocks. Besides rising 4% to $822.79, chipmaker NVIDIA (Nasdaq: NVDA) finished the week with a market cap of over $2 trillion. Dell Technologies (NYSE: DELL) popped 31.62% after the tech hardware company predicted that AI demand would boost its fundamentals this year.
The GovCon Index retreated before the weekend as decliners outnumber advancers. Accenture (NYSE: ACN) and AeroVironment (Nasdaq: AVAV) led the 13 gainers, while Boeing (NYSE: BA) and CACI (NYSE: CACI) had the most significant percentage declines.
Boeing fell 1.89% to $200 following news that three passengers filed a $1 billion lawsuit against the company and Alaska Airlines. Nonetheless, the U.S. Air Force awarded the aircraft manufacturer, through Boeing Space, a $439.6 million contract modification to a previously awarded contract for the production and launch of Wideband Global Satellite Communications Space Vehicle 12.
Also, on March 1, 2024, the U.S. Navy awarded Lockheed Martin (NYSE: LMT) Space a cost-plus-fixed-fee $109.25 million contract to support the integration of the Trident II (D5) Missile and reentry subsystems into the Common Missile Compartment for the U.S./U.K. Columbia/Dreadnought submarine construction programs.
Some economists think that interest rates will stay higher for longer. Instead of cuts, the Feds might fight inflation for most of 2024. For Richmond Federal Reserve President Tom Barkin, it’s still wait and see. He told CNBC, “I’m still hopeful inflation is going to come down, and if inflation normalizes, then it makes the case for why you want to normalize rates, but to me, it starts with inflation.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,844.11 | -7.24 | -0.15% |
| Dow Jones Industrial Average | 39,087.38 | 90.99 | 0.23% |
| S&P 500 | 5,137.08 | 40.81 | 0.80% |
| NASDAQ | 16,274.94 | 183.02 | 1.14% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 380.99 | 6.21 | 1.66% |
| AVAV | 128.73 | 1.94 | 1.53% |
| GIB | 115.96 | 1.11 | 0.97% |
| CW | 238.13 | 1.86 | 0.79% |
| ICFI | 155.83 | 0.98 | 0.63% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 380.99 | 6.21 | 1.66% |
| AVAV | 128.73 | 1.94 | 1.53% |
| CW | 238.13 | 1.86 | 0.79% |
| GIB | 115.96 | 1.11 | 0.97% |
| ICFI | 155.83 | 0.98 | 0.63% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 200 | -3.72 | -1.83% |
| CACI | 369.72 | -5.13 | -1.37% |
| NOC | 454.9 | -6.12 | -1.33% |
| KTOS | 18.03 | -0.21 | -1.15% |
| LHX | 209.81 | -1.85 | -0.87% |
