Executive Mosaic’s GovCon Index slipped 0.17% to $4,788.02 but still gained nearly 1% amid a turbulent the week. However, Wall Street’s major indexes broke their five-week winning streaks. The Dow Jones Industrial Average (-0.37%) and the benchmark S&P 500 Index (-0.48%) ticked lower, while the tech-heavy Nasdaq Composite fell -0.82%
The increase in wholesale inflation in January, the biggest climb since August, dampened investors’ sentiment. Coinbase Global (Nasdaq: COIN) outperformed with its 8.84% gain. The crypto exchange reported $273 net income in Q4 2023, its first profitable quarter in two years. Roku (Nasdaq: ROKU), the pioneer in streaming T.V. service, plunged 23.81% following a lower revenue guidance due to stiff competition.
From only four losers on Thursday, 17 GovCon Index stocks declined before the long weekend. Mercury Systems (Nasdaq: MRCY) and Palantir Technologies (NYSE: PLTR) were the top decliners. BAE Systems and Leidos Holdings (NYSE: LDOS) led the group of 13 advancers.
Leidos has gained 8.09% in five days after reporting impressive full year 2023 results on Tuesday. On Thursday, the Defense Intelligence Agency’s Science & Technology Directorate awarded the science and technology firm a new $143 million task order contract under the DOMEX Technology Platform.
Based on the 0.3% monthly increase in the producer price index last month, some economists say it closed the doors on an early rate cut in March. The ten-year and two-year Treasury yields spiked above 4.3% and 4.77% in reaction to the hot PPI reading.
Also on Friday, San Francisco Fed President Mary Daly spoke at the National Association for Business Economics conference in Washington, D.C. “The Federal Reserve should take its time before cutting interest rates, given the risks that some of the factors that have been pushing down inflation might peter out or even reverse,” she said.
Furthermore, she said, “We will need to resist the temptation to act quickly when patience is needed, and be prepared to respond agilely as the economy evolves.” Daly adds that the economy is better, with inflation falling without the economy breaking. Three rate cuts this year should be reasonable.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,788.02 | -0.27 | -0.17% |
| Dow Jones Industrial Average | 38,627.99 | -145.13 | -0.37% |
| S&P 500 | 5,005.57 | -24.16 | -0.48% |
| NASDAQ | 15,775.65 | -130.52 | -0.82% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BAESY | 63.12 | 1.02 | 1.64% |
| LDOS | 123.83 | 1.64 | 1.34% |
| CACI | 366.21 | 3.65 | 1.01% |
| SAIC | 135.32 | 1.04 | 0.77% |
| PSN | 74.9 | 0.53 | 0.71% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 366.21 | 3.65 | 1.01% |
| LDOS | 123.83 | 1.64 | 1.34% |
| SAIC | 135.32 | 1.04 | 0.77% |
| BAESY | 63.12 | 1.02 | 1.64% |
| NOC | 450.96 | 0.96 | 0.21% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 29.13 | -1.31 | -4.30% |
| PLTR | 24.44 | -0.97 | -3.82% |
| MMS | 83.26 | -1.50 | -1.77% |
| VVX | 38.99 | -0.66 | -1.66% |
| AVAV | 124.44 | -2.09 | -1.65% |
