Executive Mosaic’s GovCon Index rose 1.74% to $5,207.70, its second-best daily performance, and extended its winning streak to three days. Wall Street staged a strong comeback on favorable labor market news. The Nasdaq Composite (+2.87%) and S&P 500 (+2.30%) recovered from Wednesday’s losses, while the Dow Jones Industrial Average (+1.76%) advanced 683 points.
All Magnificent Seven stocks finished with gains, although Palantir Technologies (NYSE: PLTR) on the GovCon Index outperformed the mega-cap tech stocks with +11.25%. Pharmaceutical giant Eli Lilly (NYSE: LLY) popped 9.5% after reporting better-than-expected quarterly results and a robust sales outlook for its weight-loss drugs.
Besides the break out of Palantir Technology, 25 other GovCon Index stocks gained Thursday. Curtiss-Wright (NYSE: CW) and AeroVironment (Nasdaq: AVAV) advanced 6.9% and 5.63%, respectively. Kratos Defense & Security Solutions (Nasdaq: KTOS) slipped 1.59% to top four decliners. Carlyle Group (Nasdaq: CG), the worst performer for four consecutive days, rose 2.64% to arrest its skid.
The top market buzz is the reported partnership of Palantir Technologies and Microsoft (Nasdaq: MSFT) to deliver enhanced analytics and AI Services to classified networks for critical national security operations. According to Shyam Sankar, Palantir’s CTO, having the capabilities of both companies in the national security apparatus will enhance support for the defense and intelligence communities.
Curtiss-Wright, a manufacturer and services provider, reported strong Q2 2024 results. In the three months ending June 30, 2024, total net sales and net earnings increased 10.2% and 18.6% to $784.8 million and $99.5 million compared to Q 2023. New orders from the aerospace and defense markets climbed 18% year-over-year to $995 million.
Boeing (NYSE: BA) rose 3.45% Thursday, which is Kelly Ortberg’s first day as the new CEO of the plane maker. “Because what we do is complex, I firmly believe that we need to get closer to the production lines and development programs across the company,” Ortberg said in a letter to the staff.
Major U.S. equity markets leaned to the upside after Department of Labor data showed that unemployment benefits dropped last week to 233,000 from 250,000. Market analysts said the latest report confirms a healthy, not weak, labor market.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,207.70 | 90.56 | 1.74% |
| Dow Jones Industrial Average | 39,446.49 | 683.04 | 1.76% |
| S&P 500 | 5,319.31 | 119.81 | 2.30% |
| NASDAQ | 16,660.02 | 464.21 | 2.87% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 29.28 | 2.96 | 11.25% |
| CW | 286.66 | 18.51 | 6.90% |
| AVAV | 176.43 | 9.41 | 5.63% |
| FLR | 48.9 | 2.19 | 4.69% |
| PSN | 91.65 | 3.14 | 3.55% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CW | 286.66 | 18.51 | 6.90% |
| CACI | 460.66 | 13.64 | 3.05% |
| AVAV | 176.43 | 9.41 | 5.63% |
| BA | 168.87 | 5.63 | 3.45% |
| LHX | 230.62 | 3.79 | 1.67% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| KTOS | 19.75 | -0.32 | -1.59% |
| ACN | 315.88 | -2.14 | -0.67% |
| GIB | 105.11 | -0.68 | -0.64% |
| MMS | 87.4 | -0.19 | -0.22% |
| NOC | 491.32 | 1.57 | 0.32% |
