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April 19 Market Report: Executive Mosaic’s GovCon Index Outperforms, Wall Street Ends Week with Tech Selloff

Home Financial Reports April 19 Market Report: Executive Mosaic’s GovCon Index Outperforms, Wall Street Ends Week with Tech Selloff
April 19 Market Report: Executive Mosaic’s GovCon Index Outperforms, Wall Street Ends Week with Tech Selloff

Executive Mosaic’s GovCon Index rose 1.08% to $4,786.97 after its higher-priced stocks outperformed. Market volatility remained elevated due to the escalating Mid-East strife. The Nasdaq Composite (-2.05%) lost nearly 320 points, and the S&P 500 sank 0.88%, while the Dow Jones Industrial Average (+0.56%) ended above water.   

The pullback of tech giants, led by NVIDIA (Nasdaq: NVDA), Netflix (Nasdaq: NFLX), and Meta Platforms (Nasdaq: META) weighed on Wall Street. Super Micro Computers (Nasdaq: SMCI) tanked 23.14% after it missed providing preliminary quarterly results. Dow Jones component American Express (NYSE: AXP) popped 6.23% on better-than-expected first-quarter earnings.

Twenty-four stocks on the GovCon Index posted gains, Fluor Corporation (NYSE: FLR) was flat, and six finished in negative territory. Top defense names Lockheed Martin (NYSE: LMT), RTX (NYSE: RTX), and Northrop Grumman (NYSE: NOC) led gainers. 

Palantir Technologies (NYSE: PLTR) fell 3.12%, extending its losing streak to six sessions. The day’s second-worst performer, Mercury Systems (Nasdaq: MRCY), obtained a production deal from BlueHalo. The latter secured a $1.4 billion contract for the U.S. Space Force’s Satellite Communication Augmentation Resource program.  

On Friday, the U.S. Air Force awarded Lockheed Martin Rotary and Mission Systems, a Lockheed Martin business segment, an $88.38 million Captains of Industry contract to overhaul the B-2 digital receiver and legacy defense message system.

Four of the “Magnificent Seven” will join prime defense contractors on center stage for their quarterly earnings presentations in the coming week. Because of the ongoing military conflict and higher government military spending, market analysts expect U.S. defense stocks to show better results and trend higher. Most of them advanced after Israel’s retaliatory missile attack on Iran before the trading session.   

Meanwhile, the U.S. Feds’ blackout period has begun April 20. Federal Open Market Committee participants and central bank officials can only speak publicly or grant interviews on May 2. The FOMC meeting is from April 30 to May 1.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 4,786.97 51.53 1.08%
Dow Jones Industrial Average 37,986.40 211.02 0.56%
S&P 500 4,967.23 -43.89 -0.88%
NASDAQ 15,282.01 -319.49 -2.05%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
KTOS 18.02 0.41 2.33%
AVAV 150.02 3.32 2.26%
NOC 462.58 10.08 2.23%
VVX 48 1.01 2.15%
BAH 142.14 2.63 1.89%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
NOC 462.58 10.08 2.23%
LMT 463.87 7.78 1.71%
CACI 369.38 5.32 1.46%
LHX 205.45 3.37 1.67%
GD 288.62 3.35 1.17%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 20.47 -0.66 -3.12%
MRCY 27.98 -0.33 -1.17%
TTEK 184.67 -2.16 -1.16%
PSN 77.49 -0.31 -0.40%
BA 169.82 -0.41 -0.24%