Executive Mosaic’s GovCon Index ended 0.69% higher at $5,538.65 following four straight daily gains. All the major U.S. stock indexes finished positive Friday and for the week. The Nasdaq Composite (+1.13%) and S&P 500 (+1.01%) turned green, while the Dow Jones Industrial Average (+0.55%) hit a new all-time high.
Intel (Nasdaq: INTC) and Marvell Technology (Nasdaq: MRVL) were the top gainers on the tech-heavy Nasdaq with +9.49% and +9.16%, respectively. Super Micro Computers (Nasdaq: SMCI), the worst S&P 500 performer in August, declined 2.48% and lost 28.63% in five days.
The GovCon Index had 28 advancers before the weekend. Kratos Defense and Security Solutions (Nasdaq: KTOS) led the winners, although nine other stocks rose more than 1%. Only BAE Systems and Maximus (NYSE: MMS) finished in the red zone. Market analysts say Kratos benefitted from the sector rotation last month. Given the 29% to 83% earnings growth over the last six quarters, the non-tech stock is well-positioned for more gains.
The U.S. Army awarded Lockheed Martin (NYSE: LMT) a $3.4 billion modification contract for the Guided Multiple Launch Rocket System contract which is due for completion on Oct. 20, 2027.
General Dynamics Mission Systems, a General Dynamics (NYSE: GD) business, secured a $491.6 modification with the U.S. Air Force to a previously awarded contract for the Proliferated Warfighter Space Architecture Ground Management and Integration and operation and sustainment efforts. The contract’s total cumulative face value has increased to $887.8 million.
The U.S. Navy awarded HII (NYSE: HII) a $228.3 million cost-plus-incentive-fee modification to a previously awarded DDG 1002 Combat System Availability and Mission Systems Activation contract.
Also, on Friday, the Commerce Department released the Fed’s preferred inflation indicator. The personal consumption expenditure, or PCE, price index rose 2.6% annually last month but was aligned with expectations. With the key inflation measure holding steady, a September rate cut has become more imminent.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,538.65 | 38.13 | 0.69% |
| Dow Jones Industrial Average | 41,563.08 | 228.03 | 0.55% |
| S&P 500 | 5,648.40 | 56.44 | 1.01% |
| NASDAQ | 17,713.62 | 197.19 | 1.13% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 22.94 | 0.36 | 1.59% |
| CACI | 488.12 | 7.46 | 1.55% |
| PLTR | 31.48 | 0.48 | 1.55% |
| LHX | 236.67 | 2.99 | 1.28% |
| PSN | 95.46 | 1.15 | 1.22% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 488.12 | 7.46 | 1.55% |
| NOC | 523.21 | 3.86 | 0.74% |
| LHX | 236.67 | 2.99 | 1.28% |
| ICFI | 165.76 | 1.98 | 1.21% |
| TTEK | 237.74 | 1.84 | 0.78% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 71.52 | -0.94 | -1.30% |
| MMS | 92.26 | -0.15 | -0.16% |
| AVAV | 203.76 | 0.15 | 0.07% |
| CG | 40.13 | 0.05 | 0.12% |
| HON | 207.91 | 0.40 | 0.19% |
