Executive Mosaic’s GovCon Index stayed positive, rising 0.46% to $4,896.02 before the weekend. The higher-than-expected jobs report and lower unemployment rate in March lifted Wall Street. While the Nasdaq Composite (+1.24%), S&P 500 (+1.11%), and the Dow Jones Industrial Average (+0.80%) closed higher, all three indexes had a losing week.
GE Aerospace (NYSE: GE) popped 6.05% to $156.30 after the former and recently demerged conglomerate General Electric announced a 250% increase in its quarterly dividend. Newmont (NYSE: NEM), the world’s largest gold mining company, rose 5.12% as precious metal prices hovered within record highs.
The GovCon Index saw 22 constituents, led by RTX (NYSE: RTX) and Palantir Technologies (NYSE: PLTR), outperform Friday. Northrop Grumman (NYSE: NOC) dipped 1.08% to lead the eight decliners. Palantir formed a new partnership with computer tech firm Oracle (NYSE: ORCL). Market analysts said the companies plan to expand their AI offerings, and the team-up could boost both stocks in 2024.
The U.S. Army awarded General Dynamics (NYSE: GD) Land Systems a $518.8 million cost-plus-fixed-fee contract for Stryker system technical support. L3Harris Global Communications, a subsidiary of L3Harris Technologies (NYSE: LHX), obtained a $155.25 million firm-fixed-price contract for mobile and secure communications services with the Army.
Wall Street rallied on the Department of Labor’s blowout job report. The March non-farm payrolls reached 303,000 versus the estimated 200,000, while the unemployment rate declined to 3.8% from 3.9% in February. Some economists, traders, and investors think the job growth weakens the chances of a rate cut.
On Friday, in a prepared statement at the Manhattan Institute in New York, Federal Reserve Governor Michelle Bowman said a rate hike is possible if the fight against inflation stalls. Meanwhile, Dallas Fed President Lorie Logan said at Duke University, “I believe it’s much too soon to think about cutting interest rates.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,896.02 | 22.65 | 0.46% |
| Dow Jones Industrial Average | 38,904.04 | 307.06 | 0.80% |
| S&P 500 | 5,204.34 | 57.13 | 1.11% |
| NASDAQ | 16,248.52 | 199.44 | 1.24% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 101.69 | 2.38 | 2.40% |
| PLTR | 22.96 | 0.48 | 2.14% |
| FLR | 42.41 | 0.71 | 1.70% |
| PSN | 84.28 | 1.27 | 1.53% |
| CACI | 374.58 | 5.50 | 1.49% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 374.58 | 5.50 | 1.49% |
| CW | 259.13 | 3.56 | 1.39% |
| TTEK | 193 | 2.79 | 1.47% |
| ACN | 333 | 2.53 | 0.77% |
| RTX | 101.69 | 2.38 | 2.40% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 454.5 | -4.98 | -1.08% |
| J | 147.92 | -1.22 | -0.82% |
| VVX | 45.84 | -0.33 | -0.71% |
| LHX | 208.96 | -0.63 | -0.30% |
| GIB | 106.59 | -0.19 | -0.18% |
