Executive Mosaic’s GovCon Index dropped 1.09% to $4,846.59 after most of its constituents fell in the red zone. The Dow Jones Industrial Average (-0.02%) was flat, while the S&P 500 (+0.14%) and Nasdaq Composite (+0.32%) rebounded from early losses.
Alphabet (Nasdaq: GOOGL) advanced 1.13% to a record high of $156.60, nearing the $2 trillion market cap. Moderna (Nasdaq: MRNA) and Palo Alto Networks (Nasdaq: PANW) were also notable winners. Tuesday was the start of the Google Cloud Event. Alphabet presented new artificial intelligence and AI-related products, including the Google Axion Processor, a custom Arm-based chip for data centers.
On the GovCon Index, 22 is the perennial number lately, whether advancers or decliners. BAE Systems, Parsons (NYSE: PSN), and HII (NYSE: HII) were the top losers on April 9. The Carlyle Group (Nasdaq: CG) and Accenture (NYSE: ACN) gained 0.8% to lead eight advancers.
HII sunk 3.56% to extend its losing streak to seven consecutive sessions. The shipbuilder was affected by industry-wide delays in shipbuilding programs. Boeing (NYSE: BA) slipped 1.9% after the airplane manufacturer reported 83 plane deliveries in Q4 2023, the lowest in a quarter since 2021.
The U.S. Navy awarded Lockheed Martin Aeronautics, a Lockheed Martin (NYSE: LMT) business, a not-to-exceed $181 million firm-fixed-price, undefinitized modification to a previously awarded indefinite-delivery/indefinite-quantity contract. This modification adds scope to procure ancillary mission equipment.
Markets were tentative as investors awaited key inflation data, particularly the March consumer price index and core PCI reports, coming out on Wednesday. Both reports are tests for stocks and could influence the U.S. Feds’ next rate decision. Policymakers continue to fight and bring inflation down. However, stubborn inflation has dimmed the chances of an early rate cut.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,846.59 | -52.87 | -1.09% |
| Dow Jones Industrial Average | 38,883.67 | -9.13 | -0.02% |
| S&P 500 | 5,209.91 | 7.52 | 0.14% |
| NASDAQ | 16,306.64 | 52.68 | 0.32% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 47.85 | 0.38 | 0.80% |
| ACN | 334.45 | 2.65 | 0.80% |
| TTEK | 194.51 | 1.01 | 0.52% |
| J | 146.72 | 0.60 | 0.41% |
| HON | 198.41 | 0.65 | 0.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 334.45 | 2.65 | 0.80% |
| TTEK | 194.51 | 1.01 | 0.52% |
| HON | 198.41 | 0.65 | 0.33% |
| J | 146.72 | 0.60 | 0.41% |
| CG | 47.85 | 0.38 | 0.80% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAESY | 65.57 | -2.83 | -4.14% |
| PSN | 80.48 | -3.21 | -3.84% |
| HII | 275.5 | -10.18 | -3.56% |
| BAH | 143.5 | -3.82 | -2.59% |
| SAIC | 127.65 | -2.52 | -1.94% |
