Executive Mosaic’s GovCon Index popped 0.89% to $4,741.09 as bullish sentiment engulfs Wall Street. The benchmark S&P 500 Index closed above 5,000 for the first time, while the Nasdaq Composite gained 1.25% as 156 constituents posted new 52-week highs. Only the Dow Jones Industrial Average (-0.14%) slipped but still had a winning week.
The S&P 500 set new all-time highs in January 2024, and the momentum could continue this month. “Whenever the S&P 500 set a new high in January, additional new highs were set in February 74% of the time,” said, Sam Stovall, Chief Investment Strategist of CFRA Research.
The Bureau of Labor Statistics’ revised Consumer Price Index figure that showed only 0.2% in December, not 0.3%, buoyed investors’ sentiment. Market analysts say that despite the modest decline, inflation has moderated by the year-end of 2022. The ten-year Treasury yield hardly moved or responded to the CPI revisions. It closed at 4.173%.
Mercury Systems (Nasdaq: MRCY) led 22 GovCon Index advancers, surging 11.7% to $29.30, arresting its two-day skid. The tech firm announced a senior executive appointment. Maximus (NYSE: MMS) followed in second with +4.76% after it raised earnings and free cash flow guidance for fiscal year 2024 during the earnings call. The Carlyle Group (NYSE: CG) was the top decliner with -1.82%.
ICF (Nasdaq: ICFI), the third-best performer, rose 3.03%. The global consulting and technology services provider obtained five new sub-contracts worth $24 million with the Substance Abuse and Mental Health Administration. These latest awards support the agency’s 988 Suicide and Crisis Lifeline.
Meanwhile, on Friday, Dallas Federal Reserve Bank President Lorie Logan spoke at the Tarrant Transportation Summit in Hurst, Texas. Like other Fed officials who shared their views during the week, Logan is in no rush to cut interest rates. “The risks that I’m seeing in the economy are becoming more in balance, but I do think we need to take time here to continue to look at the data,” she said.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 158.04 | 1.41 | 0.89% |
| Dow Jones Industrial Average | 38,671.69 | -54.64 | -0.14% |
| S&P 500 | 5,026.61 | 28.70 | 0.57% |
| NASDAQ | 15,990.66 | 196.95 | 1.25% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 29.3 | 3.07 | 11.70% |
| MMS | 82.57 | 3.75 | 4.76% |
| ICFI | 146.05 | 4.30 | 3.03% |
| KTOS | 18.26 | 0.52 | 2.93% |
| TTEK | 178.08 | 4.05 | 2.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 360.84 | 5.48 | 1.54% |
| ICFI | 146.05 | 4.30 | 3.03% |
| TTEK | 178.08 | 4.05 | 2.33% |
| MMS | 82.57 | 3.75 | 4.76% |
| NOC | 454.92 | 3.70 | 0.82% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 44.78 | -0.83 | -1.82% |
| RTX | 90.51 | -0.53 | -0.58% |
| PLTR | 24.38 | -0.13 | -0.53% |
| TXT | 87.2 | -0.39 | -0.45% |
| VVX | 37.8 | -0.10 | -0.26% |
