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February 2 Market Report: Executive Mosaic’s GovCon Index Dips Slightly, Dow Jones and S&P 500 Notch New Records

February 2 Market Report: Executive Mosaic’s GovCon Index Dip Slightly, Dow Jones and S&P 500 Notch New Records

Executive Mosaic’s GovCon Index dipped slightly from Thursday to end at $4,651.09 (-0.01%). However, the Dow Jones Industrial Average (+0.35%) and S&P 500 (+1.07%) set new records again, buoyed by solid job numbers in December. The Nasdaq Composite rose 1.74% thanks to two tech giants.

Facebook parent company Meta Platforms (Nasdaq: META) surged 20.32%, the biggest single-session gain by any Wall Street company. Amazon.com (Nasdaq: AMZN) popped nearly 8% after reporting $10.6 billion net income in Q4 2023, representing a 3,713% increase from Q4 2022.

The GovCon Index ticked lower as nearly 50% of its constituents finished in the red. Palantir Technologies (NYSE: PLTR) gained 4.23% to lead 16 advancers. V2X (NYSE: VVX), Maximus (NYSE: MMS), and L3Harris Technologies (NYSE: LHX) were the top GCI decliners.

The shares of AI systems provider Palantir Technologies jumped following the announcement of a three-year partnership with Coles Supermarkets Australia. The latter is one of the leading Australian supermarket, retail and consumer services chains with over 850 stores.

On Feb.2, 2024, the U.S. Navy awarded Lockheed Martin (NYSE: LMT) a not-to-exceed $150.5 million undefinitized modification to a firm-fixed-price, cost-plus-fixed-fee order against a previously issued basic ordering agreement. The modification relates to the unique configuration of the MH-60R aircraft for the government of Norway.

The U.S. Navy also awarded Raytheon Missile Systems of RTX (NYSE: RTX) a $68.4 million modification to a firm-fixed-price order against a previously issued basic ordering agreement. The modification relates to options for the production and delivery of 50 Joint Standoff Weapon Air-To-Ground Missiles for the government of Taiwan.

Also, on Friday, the benchmark ten-year Treasury yield rose 16 basis points to 4.01%, its most significant rise in a year. Meanwhile, the U.S. economy added 353,000 jobs last month compared to the Dow Jones’ 185,000 estimate. According to the Labor Department, job growth was widespread, and the unemployment rate was 3.7% versus the 3.8% estimate. Some market analysts said the blowout jobs report and wage gains could delay the Feds’ rate cuts.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,651.09 -0.55 -0.01%
Dow Jones Industrial Average 38,654.42 134.58 0.35%
S&P 500 4,958.61 52.42 1.07%
NASDAQ 15,628.95 267.31 1.74%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 17.02 0.69 4.23%
TTEK 166.29 2.02 1.23%
J 138.3 1.35 0.99%
CG 40.95 0.37 0.91%
GIB 115.92 0.82 0.71%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
CACI 348.16 2.12 0.61%
ACN 372.95 2.04 0.55%
TTEK 166.29 2.02 1.23%
CW 225.88 1.54 0.69%
J 138.3 1.35 0.99%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
VVX 38.33 -0.86 -2.19%
MMS 80.47 -1.02 -1.25%
LHX 207 -2.48 -1.18%
KTOS 17.04 -0.20 -1.16%
LMT 425.97 -3.80 -0.88%