Executive Mosaic’s GovCon Index climbed 0.49% to $4,810.85 as a positive storm hit Wall Street. The Nasdaq Composite registered a two-year high after rising 460.75 points (+2.96%) to 16,041.62, while the S&P 500 (+2.11%) closed at a fresh record. The Dow Jones Industrial Average (+1.11%) ended above 39,000 points for the first time.
NVIDIA (Nasdaq: NVDA) jumped +16.4% after reporting an exponential increase in artificial intelligence and cloud revenues. The chipmaker’s net income in fiscal 2024 soared 286% to $32.3 billion versus fiscal 2023. Advanced Micro Devices, NVIDIA’s chief rival, popped +10.69% also because of booming AI demand.
However, on the GovCon Index, Nasdaq constituent Kratos Defense & Security Solutions (Nasdaq: KTOS) was the top decliner with a 6.94% drop. The technology company announced the offer to sell $300 million shares of its common stock and use the proceeeds to facilitate its long-term strategy. Parsons Corporation (NYSE: PSN) and Palantir Technologies (NYSE: PLTR) led 18 GCI advancers, while V2X (NYSE: VVX) joined Kratos and ten others in the losing bunch. AI stock Palantir was among the volume leaders on Thursday.
On new contract awards, the U.S. Air Force awarded Boeing (NYSE: BA) a $405.3 million indefinite-delivery/indefinite-quantity contract modification to previously awarded contract for operations, maintenance, and testing in support of the Minuteman III weapons system.
The Defense Information Systems Agency awarded CACI (NYSE: CACI) a $38.5 million single award, indefiniOEINGte-delivery/indefinite-quantity contract, utilizing cost-plus-fixed-fee for the acquisition of systems engineering and technical assistance services to support the Program Executive Office for Command, Control and Communications Tactical, Project Manager Mission Command.
Meanwhile, U.S. Fed vice-chairman Philip Jefferson spoke at the Peterson Institute for International Economics. He said a soft landing for the economy is possible, and rate cuts would be appropriate later this year. Federal Reserve Bank of Philadelphia President Patrick Harker said before the 2024 Lyons Center for Economic Education and Entrepreneurship event that rate decreases are coming, but not right now and right away.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,810.85 | 0.78 | 0.49% |
| Dow Jones Industrial Average | 39,069.11 | 456.87 | 1.18% |
| S&P 500 | 5,087.03 | 105.23 | 2.11% |
| NASDAQ | 16,041.62 | 460.75 | 2.96% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 79.44 | 4.15 | 5.51% |
| PLTR | 23.59 | 0.85 | 3.74% |
| ACN | 371.31 | 10.40 | 2.88% |
| GIB | 114.12 | 2.71 | 2.43% |
| BAH | 147.54 | 2.65 | 1.83% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 371.31 | 10.40 | 2.88% |
| PSN | 79.44 | 4.15 | 5.51% |
| TTEK | 178.33 | 2.98 | 1.70% |
| GIB | 114.12 | 2.71 | 2.43% |
| BAH | 147.54 | 2.65 | 1.83% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.78 | -1.40 | -6.94% |
| VVX | 37.95 | -1.11 | -2.84% |
| AVAV | 123.75 | -1.53 | -1.22% |
| MRCY | 28.07 | -0.31 | -1.09% |
| RTX | 89.53 | -0.68 | -0.75% |
