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December 28 Market Report: Executive Mosaic’s GovCon Index Joins Modest Santa Rally, S&P Nears Record Territory

December 28 Market Report: Executive Mosaic’s GovCon Index Joins Modest Santa Rally, S&P Near Record Territory

Executive Mosaic’s GovCon Index eked a small gain to $4,660.50 (+0.01%) amid muted trading. The Dow Jones Industrial Average (+0.14%) advanced, while the S&P 500 (+0.04%) is 13 points short of its all-time closing high in January 2022. Only the Nasdaq Composite (-0.03%) slipped during the modest Santa Rally. Nevertheless, the tech-heavy index boasts a 44.22% year-to-date gain.

On the GovCon Index side, advancers and decliners were nearly even (16 versus 14). Mercury Systems (Nasdaq: MRCY) and KBR (NYSE: KBR) led the gainers, while AeroVironment (Nasdaq: AVAV) and Boeing (NYSE: BA) had the most significant percentage losses in the losing bunch.

Only Thursday, Boeing dipped 0.67% to $260.35 after the Federal Aviation Administration reported that the company urged airlines or operators to inspect their 737 MAX airplanes. The aircraft manufacturer recommended inspecting the rudder control system to check for loose bolts and missing hardware. Meanwhile, the U.S. Navy and Air Force awarded the business unit of Lockheed Martin (NYSE: LMT) various modification contracts to previously awarded contracts. 

Lockheed Martin Aeronautics’ not-to-exceed $107.4 million cost-plus-fixed-fee modification is in support of the Joint Strike Fighter Program for the Navy, Air Force, Marine Corps, Foreign Military Sales customers, and non-U.S. Department of Defense participants. It also secured a $71.4 million firm-fixed-price modification to provide hardware in the loop primary mission equipment for labs supporting the integration and sell-off of F-35 Joint Strike Fighter aircraft.

With one trading day left, all three major indexes are sure to end the year with positive returns. After tomorrow, markets and investors will look forward to rate cuts due to cooling inflation.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,660.50 0.41 0.01%
Dow Jones Industrial Average 37,710.10 53.58 0.14%
S&P 500 4,783.35 1.77 0.04%
NASDAQ 15,095.14 -4.04 -0.03%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
MRCY 36.85 0.58 1.60%
KBR 55.1 0.56 1.03%
PLTR 17.56 0.09 0.52%
LMT 451.23 2.26 0.50%
LHX 210.92 1.03 0.49%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
LMT 451.23 2.26 0.50%
NOC 465.68 1.46 0.31%
LHX 210.92 1.03 0.49%
GD 258.14 0.71 0.28%
MRCY 36.85 0.58 1.60%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
AVAV 127.17 -1.06 -0.83%
BA 260.35 -1.75 -0.67%
ACN 351.59 -2.23 -0.63%
SAIC 124.76 -0.48 -0.38%
GIB 107 -0.39 -0.36%