Executive Mosaic’s GovCon Index ends 0.35% higher at $5,361.04 for its highest close following ten straight positive finishes. Wall Street was all green on broad-based gains. The Dow Jones Industrial Average (+0.58%) and S&P 500 (+0.97%) kept their winning streaks going, and so did the Nasdaq Composite (+1.39%) besides climbing out of correction territory.
All 11 S&P 500 primary sectors and 78% of NYSE stocks advanced Monday. Advanced Micro Devices (Nasdaq: AMD) rose 4.52% to lead the rally on the tech side. The semiconductor firm announced plans to acquire server builder ZT Systems and boost its artificial intelligence, or AI, ecosystem. Tinder operator Match Group (Nasdaq: MTCH) fell 3.95% after announcing a workforce reduction.
The GovCon Index had 22 gainers to start the week. KBR (NYSE: KBR), along with six other stocks, rose more than 1%, while Northrop Grumman (NYSE: NOC) led eigth decliners.
KBR confirmed obtaining a cost-plus-fixed-fee contract with the U.S. Navy. The Space Science Instruments and Experimental Payloads 3 contract is for the continued development of space science instrument systems at the Naval Research Lab in Washington, D.C.
Accenture (NYSE: ACN), through Accenture Ventures, made a strategic investment in biotech firm Earli Inc. The investment supports expanding collaborations with global health and pharma companies that can use Earli’s technology for early cancer detection.
The U.S. Air Force awarded Science Applications International Corp. (Nasdaq: SAIC) a maximum $262.4 million contract bridge modification to the previously awarded Government Wide Acquisition Contract Alliant 2 vehicle for continued Air Force cloud computing capability.
Also on Aug. 19, the U.S. Navy awarded Fluor Marine Propulsion, a Fluor Corporation (NYSE: FLR) special purpose entity, a $1.39 billion cost-plus-fixed-fee modification to a previously awarded contract to exercise fiscal 2025 options for naval nuclear propulsion work at the Naval Nuclear Laboratory.
The earnings season is almost over, with only 7% of S&P 500 companies remaining to present their second-quarter results. Meanwhile, Federal Reserve Chairman Jerome Powell’s appearance at Thursday’s annual monetary policy symposium in Jackson Hole, Wyoming, is this week’s highlight. He will provide an economic outlook and maybe the timing of an impending rate action. A Reuters poll predicts three cuts beginning in September.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,361.04 | 18.53 | 0.35% |
| Dow Jones Industrial Average | 40,896.53 | 236.77 | 0.58% |
| S&P 500 | 5,608.25 | 54.00 | 0.97% |
| NASDAQ | 17,876.77 | 245.05 | 1.39% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KBR | 66.53 | 1.08 | 1.65% |
| TTEK | 232.77 | 3.75 | 1.64% |
| LDOS | 150.14 | 2.12 | 1.43% |
| PLTR | 32.5 | 0.42 | 1.31% |
| ICFI | 160.57 | 1.71 | 1.08% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 232.77 | 3.75 | 1.64% |
| ACN | 329.44 | 2.52 | 0.77% |
| LDOS | 150.14 | 2.12 | 1.43% |
| LHX | 230.48 | 1.98 | 0.87% |
| ICFI | 160.57 | 1.71 | 1.08% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 504.87 | -1.79 | -0.35% |
| AVAV | 189.8 | -0.64 | -0.34% |
| GD | 295.6 | -0.99 | -0.33% |
| BAESY | 69.54 | -0.22 | -0.32% |
| LMT | 558.39 | -1.74 | -0.31% |
