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April 8 Market Report: Executive Mosaic’s GovCon Index Inches Higher, US Stock Indexes See Little Change

Home Financial Reports April 8 Market Report: Executive Mosaic’s GovCon Index Inches Higher, US Stock Indexes See Little Change
April 8 Market Report: Executive Mosaic’s GovCon Index Inched Higher, U.S. Stock Indexes Little Changed

Executive Mosaic’s GovCon Index inched 0.07% higher to $4,899.46 to start the second week of April. Wall Street’s major indexes changed slightly, with the Dow Jones Industrial Average (-0.03%) and S&P 500 (-0.04%) closing marginally lower. The Nasdaq Composite (+0.03%) closed in positive territory.

Tesla (Nasdaq: TSLA) climbed 4.9% following Elon Musk’s tweet that the carmaker will reveal its robotaxi product in August. GE Vernova (NYSE: GEV) jumped 5.92% following JPMorgan (NYSE: JPM) analysts’ first upgrade. 

The GovCon Index mirrored the uptick last Friday, with 22 stocks advancing. Kratos Defense & Security Solutions (Nasdaq: KTOS), Mercury Systems (Nasdaq: MRCY), and AeroVironment (Nasdaq: AVAV) were the top gainers. Only Jacobs (NYSE: J), among the eight decliners, fell more than 1%.   

General Dynamics (NYSE: GD) dipped 0.69% to $293.13, although it rose to an all-time high of $296.50 in intraday trading. The defense stock is one of 18 S&P 500 index stocks that hit new 52-week highs despite the light trading volume.  

Jacobs was selected as Amtrak’s Delivery Partner for the Frederick Douglas Tunnel program. The program is one of the largest national transportation infrastructure investments. Jacobs will operate under a joint venture with AECOM, an engineering, consulting and project management services provider.

The Missile Defense Agency awarded Lockheed Martin Rotary and Mission Systems, a Lockheed Martin’s (NYSE: LMT) business segment, a $271.2 million modification to the previously awarded contract under Foreign Military Sales Case JA-P-NCO.

Also on Monday, the U.S. Navy awarded the Launch Vehicles Division of Northrop Grumman Systems, a subsidiary of Northrop Grumman (NYSE: NOC), a $52.1 million modification to a previously awarded firm-fixed-price contract. This modification exercises options for procuring and delivering 16 GQM-163A Coyote Supersonic Sea-Skimming Targets systems.

While the better-than-expected March jobs report lifted Wall Street last Friday, analysts believe the market’s direction hinges on the Federal Reserve’s interest rate decision. However, Minneapolis Fed President Neel Kashkari said a no-rate cut scenario is possible if inflation continues to move sideways.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 4,899.46 3.44 0.07%
Dow Jones Industrial Average 38,892.80 -11.24 -0.03%
S&P 500 5,202.39 -1.95 -0.04%
NASDAQ 16,253.96 5.44 0.03%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
KTOS 18.51 0.71 3.99%
MRCY 29.24 0.80 2.81%
AVAV 152.31 3.78 2.54%
VVX 46.34 0.50 1.09%
CACI 378.64 4.06 1.08%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
CACI 378.64 4.06 1.08%
AVAV 152.31 3.78 2.54%
NOC 456.36 1.86 0.41%
MRCY 29.24 0.80 2.81%
KTOS 18.51 0.71 3.99%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
J 146.12 -1.80 -1.22%
KBR 64.34 -0.59 -0.91%
BA 181.56 -1.58 -0.86%
PSN 83.69 -0.59 -0.70%
GD 293.13 -2.05 -0.69%