Executive Mosaic’s GovCon Index settled higher at $5,372.88 (+0.47%) after Tuesday’s retreat. Wall Street’s major stock indexes turned positive, too, on rising odds of a September rate cut. The Nasdaq Composite (+0.57%) and S&P 500 (+0.42%) hit one-month and four-week highs, respectively, while the Dow Jones Industrial Average (+0.14%) rose modestly.
Target (NYSE: TGT) took centerstage mid-week. The retail stock popped 10.34% following better-than-expected second-quarter results, favorable profit forecast, and price cuts on daily essentials. Keysight Technologies (NYSE: KEYS), an electronic testing products provider, topped the S&P 500 Index with +13.88% due to strong quarterly sales and orders.
The GovCon Index had 23 gainers, although V2X (NYSE: VVX) outshined all advancers, jumping 13.43% to $53.12. Booz Allen Hamilton (NYSE: BAH) was a distant second, while HII (NYSE: HII) topped the seven decliners.
V2X, a provider of critical mission solutions and support to defense clients, secured a significant win with the U.S. Army under the Warfighter-Training Readiness Solutions task order. The $3.7 billion, five-year task order with option periods will provide readiness capabilities to the U.S. Army worldwide.
The U.S. Air Force awarded the Space Systems Division of Northrop Grumman (NYSE: NOC) Systems a $97.3 million contract modification to a previously awarded contract for Next Generation Overhead Persistent Infrared Polar Space Vehicles 1 and 2 for the additional scope to complete the design, build, integration and testing of mission payload. With this modification, the contract’s total cumulative face value rose to $2.3 billion.
Booz Allen Hamilton also secured an $82.7 million firm-fixed-price, level-of-effort contract with the U.S. Air Force for continued life cycle management process – integrated data environment support. The contract supports the LCMP-IDE program management tool and software system, including infrastructure, applications, and related IT management services.
On Wednesday, the U.S. Federal Reserve released the minutes of the Federal Open Market Committee’s two-day policy meeting last month. Meeting participants observed that inflation is still elevated but easing. However, more FOMC members believe a September interest rate reduction is appropriate if the downward trend continues.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,372.88 | 25.30 | 0.47% |
| Dow Jones Industrial Average | 40,890.49 | 55.52 | 0.14% |
| S&P 500 | 5,620.85 | 23.73 | 0.42% |
| NASDAQ | 17,918.99 | 102.05 | 0.57% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 53.12 | 6.29 | 13.43% |
| BAH | 153.61 | 2.96 | 1.96% |
| FLR | 49.22 | 0.90 | 1.86% |
| PSN | 95.34 | 1.29 | 1.37% |
| MMS | 90.9 | 1.21 | 1.35% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 53.12 | 6.29 | 13.43% |
| CACI | 471.73 | 5.30 | 1.14% |
| ACN | 333.6 | 3.23 | 0.98% |
| BAH | 153.61 | 2.96 | 1.96% |
| CW | 301.41 | 2.87 | 0.96% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HII | 271.44 | -3.79 | -1.38% |
| MRCY | 38.34 | -0.37 | -0.96% |
| CG | 40.16 | -0.29 | -0.72% |
| RTX | 117.26 | -0.69 | -0.58% |
| GD | 294.07 | -1.73 | -0.58% |
