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April 29 Market Report: Executive Mosaic’s GovCon Index Drifts Higher, Strong Q1 Earnings Prop Markets

Home Financial Reports April 29 Market Report: Executive Mosaic’s GovCon Index Drifts Higher, Strong Q1 Earnings Prop Markets
April 29 Market Report: Executive Mosaic’s GovCon Index Drifts Higher, Strong Q1 Earnings Prop Markets

Executive Mosaic’s GovCon Index drifts moderately higher to $4,915.21, gaining 0.21% to start the week. Strong corporate earnings prop Wall Street, with the S&P 500 (+0.32%) and Nasdaq Composite (+0.35%) rising to two-week highs. The blue-chip Dow Jones Industrial Average (+0.38%) gained 146 points.

About one-third of S&P 500 companies will present their quarterly earnings this week, including a pair of “Magnificent Seven” stocks: Apple (Nasdaq: AAPL) and Amazon.com (Nasdaq: AMZN). Tesla (Nasdaq: TSLA), the day’s market-mover, popped 15.31% on news the electric carmaker passed data security tests in China and will expand partnership with Baidu (Nasdaq: BIDU). The share of the Chinese tech giant rose 5.62%.  

Boeing (NYSE: BA) outperformed with +3.75% to lead 23 advancers on the GovCon Index. The plane maker received $77 billion in orders following a $10 billion bond sale Monday. Accenture (NYSE: ACN) and Kratos Defense & Security Solutions (Nasdaq: KTOS), two of the seven underperformers, declined more than one percent.  

The U.S. Navy awarded BAE Systems Norfolk Ship Repair a $87.3 million firm-fixed-price contract action for maintenance, modernization, and repair of USS Carter Hall fiscal 2024 docking selected restricted availability. BAE Systems Land & Armaments also secured an $18.5 million cost-plus-fixed-fee and cost-only modification to the previously awarded contract to exercise options for MK 41 Vertical Launching Systems Mechanical Design Agent.   

Also, on Monday, Research and Market released the “Cyber Weapons Global Market Report 2024.” The report says the cyber weapons industry will grow by over $5 billion from 2024 to 2028. GCI constituents Boeing, RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and General Dynamics (NYSE: GD) are the leading players.

The Federal Open Market Committee will meet on Tuesday, followed by the rate decision on Wednesday. Most economists and market analysts expect no rate cut and the policymakers to keep interest rates in check at 5.25% to 5.50% due to stubborn inflation.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 4,915.21 35.30 0.72%
Dow Jones Industrial Average 38,386.09 146.43 0.38%
S&P 500 5,116.17 16.21 0.32%
NASDAQ 15,983.08 55.18 0.35%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
BA 173.49 6.27 3.75%
ICFI 144.37 2.48 1.75%
BAH 147.58 2.45 1.69%
PLTR 22.83 0.31 1.38%
LMT 467.55 6.26 1.36%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
BA 173.49 6.27 3.75%
LMT 467.55 6.26 1.36%
NOC 486.22 5.77 1.20%
GD 287.79 3.38 1.19%
CW 257 2.99 1.18%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
ACN 303.16 -4.85 -1.57%
KTOS 18.66 -0.20 -1.06%
GIB 102.14 -1.00 -0.97%
VVX 49.59 -0.47 -0.94%
PSN 79.36 -0.37 -0.46%