Executive Mosaic’s GovCon Index slipped fractionally (-0.09%) to $4,947 for its fourth loss in five sessions. The Dow Jones Industrial Average (-0.20%) extended its losing run to seven days, while the S&P 500 was flat. Only the Nasdaq Composite (+0.12%) ended in positive territory.
Only 33% of NYSE stocks and Nasdaq Composite advanced before the weekend. Broadcom (Nasdaq: AVGO) led advancers on the tech-heavy index with +24.43%. The market capitalization of the semiconductor maker and infrastructure software developer topped $1 trillion following the breakout. Upscale furnishing firm RH jumped 16.95% after reporting Q3 2024 profit and raising sales growth forecast in 2025.
Downward Trend
Like the blue-chip Dow Jones, the GovCon Index had 17 decliners out of 30 constituents. Palantir Technologies (Nasdaq: PLTR), the top performer, added 3.92%. After the close, the AI stock’s year-to-date gain is now +343.04%. Mercury Systems (Nasdaq: MRCY) and BAE Systems were Friday’s worst performers.
Boeing (NYSE: BA), one of 13 outperformers, plans to invest $1 billion in its Charleston County, South Carolina site. According to the South Carolina Department of Commerce, the infrastructure upgrade will create 500 new jobs over the next five years. Also, the expansion aims to increase Boeing’s 787 Dreamliner production targets in anticipation of higher market demand.
The US Navy awarded Lockheed Martin Aeronautics, a major unit of Lockheed Martin (NYSE: LMT), a not-to-exceed $107 million undefinitized, cost-plus-fixed-fee order against a previously issued basic ordering agreement. The order is for research and development efforts relating to the F-35 Joint Fighter aircraft in all defense agency services.
Last FOMC Meeting in 2024
The Federal Open Market Committee, the US Federal Reserve’s chief body for monetary policy, will hold its last meeting for the year on Dec. 17-18. Market analysts expect a quarter rate cut announcement by Fed Chairman Jerome Powell midweek. However, they forecast a slower pace next year because of stubborn inflation and potential policy changes under a new administration.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,947.67 | -4.67 | -0.09% |
| Dow Jones Industrial Average | 43,828.06 | -86.06 | -0.20% |
| S&P 500 | 6,051.09 | -0.16 | -0.00% |
| NASDAQ | 19,926.72 | 23.88 | 0.12% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 76.07 | 2.87 | 3.92% |
| AVAV | 156.5 | 2.62 | 1.70% |
| RTX | 117.75 | 1.70 | 1.46% |
| KTOS | 26.84 | 0.34 | 1.28% |
| BA | 169.65 | 1.90 | 1.13% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 76.07 | 2.87 | 3.92% |
| AVAV | 156.5 | 2.62 | 1.70% |
| BA | 169.65 | 1.90 | 1.13% |
| RTX | 117.75 | 1.70 | 1.46% |
| HII | 192.14 | 1.29 | 0.68% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MRCY | 37.87 | -0.81 | -2.09% |
| BAESY | 60.35 | -1.00 | -1.63% |
| FLR | 54.64 | -0.78 | -1.41% |
| ICFI | 125.28 | -1.62 | -1.28% |
| MMS | 69.81 | -0.90 | -1.27% |
