Executive Mosaic’s GovCon Index sustained its upward trend, rising 0.48% to $5,255.33. Market momentum returned to Wall Street, evidenced by the substantial gain of the tech-heavy Nasdaq Composite (+2.43%). The Dow Jones Industrial Average (+1.04%) climbed 408.63 points, while the broad S&P 500 Index added 1.68%. Tech stocks rallied and around 81% of NYSE stocks finished higher in reaction to the better-than-expected July inflation data.
The GovCon Index had 22 gainers, bannered by Palantir Technologies (NYSE: PLTR). The AI stock rose above $30 for the second time, boosting its year-to-date gain to 76.99%. Four other GCI stocks advanced more than 2.3%, including Boeing (NYSE: BA). Curtiss-Wright (NYSE: CW) slipped 0.59% to lead eight decliners.
Palantir Technologies’ growth catalyst is its reported team-up with Microsoft (Nasdaq: MSFT) to deliver AI and cloud solutions to the U.S. defense and intelligence community. Boeing (+2.82%) turned positive on news that the plane maker received 72 new orders in July, beating the 59 of chief rival Airbus.
V2X (NYSE: VVX) popped 2.38% after its Q2 2024 results showed a 10% year-over-year increase in revenue to a record $1.07 billion. The total backlog was $12.2 billion at the quarter’s end. The cybersecurity solutions provider expects the backlog to increase in the second half of 2024 due to awards and contract definitizations.
The latest wholesale inflation data buoyed investors’ sentiment. On Tuesday, the Bureau of Labor Statistics reported that the US producer price index increased 0.1% in July versus the 0.2% forecast. While the PPI rose 2.2% year-over-year, it significantly dropped from the 2.7% reading in June. The consumer price index is due Wednesday; economists expect it to show waning inflation.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,255.33 | 25.43 | 0.48% |
| Dow Jones Industrial Average | 39,765.64 | 408.63 | 1.04% |
| S&P 500 | 5,434.43 | 90.04 | 1.68% |
| NASDAQ | 17,187.61 | 407.00 | 2.43% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 30.39 | 1.01 | 3.44% |
| BA | 168.76 | 4.63 | 2.82% |
| BAESY | 68.32 | 1.62 | 2.43% |
| VVX | 48.26 | 1.12 | 2.38% |
| CG | 40.35 | 0.93 | 2.36% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 319.33 | 5.37 | 1.71% |
| BA | 168.76 | 4.63 | 2.82% |
| AVAV | 181.52 | 3.47 | 1.95% |
| LMT | 559.42 | 2.51 | 0.45% |
| ICFI | 157.07 | 2.09 | 1.35% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 296.91 | -1.75 | -0.59% |
| CACI | 461.28 | -2.20 | -0.47% |
| LHX | 227.88 | -0.95 | -0.42% |
| HII | 262.77 | -0.96 | -0.36% |
| PSN | 92.73 | -0.07 | -0.08% |
