Executive Mosaic’s GovCon Index rose 0.64% to $4,839.92, ending the holiday-shortened week in positive territory. The Dow Jones Industrial Average (-0.16%) and S&P 500 (+0.03%) hardly moved, although the tech-heavy Nasdaq Composite (-0.28%) edged lower.
Still, despite the roller coaster ride, it was a winning week for Wall Street’s major indexes. The benchmark S&P 500 rose above 5,100 for the first time on Friday before settling at 5,088.80. Meanwhile, the blue-chip Dow Jones set a fresh record after closing at an all-time high of 39,131.53.
Another highlight was NVIDIA’s (Nasdaq: NVDA) market cap rising above the $2 trillion threshold at one point during trading. The chipmaker is the fourth U.S. company to achieve the milestone. At the closing bell, the market cap was $1.97 trillion.
The Govcon Index fared better from the previous trading session, with 22 constituents advancing. Flour Corporation (NYSE: FLR), V2X (NYSE: VVX), and Maximus (NYSE: MMS) led the gainers. Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR) were the worst performers.
Shipbuilder HII (NYSE: HII) was among Friday’s advancers. The company announced launching its Virginia-class submarine Massachusetts into the James River at its Newport News Shipbuilding division. The U.S. Navy also awarded HII two cost-plus-incentive-fee modification contracts to previously awarded contracts totaling nearly $2 billion.
The latest to speak about interest rates is John C. Williams. In an interview with Axios Macros late Thursday, the president of the Federal Reserve Bank of New York said the central bank’s rate cut plan is still intact. However, the vice chairman of the Fed’s policy committee said the road is bumpy and requires a steady-as-she-goes approach. The Feds are moving in the right direction, but rate cuts are likely later this year, not earlier.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,839.92 | 1.03 | 0.64% |
| Dow Jones Industrial Average | 39,131.53 | 62.42 | 0.16% |
| S&P 500 | 5,088.80 | 1.77 | 0.03% |
| NASDAQ | 15,996.82 | -44.80 | -0.28% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 37.02 | 1.30 | 3.64% |
| VVX | 39.24 | 1.29 | 3.40% |
| MMS | 84.16 | 2.03 | 2.47% |
| GIB | 116.2 | 2.08 | 1.82% |
| ACN | 377.32 | 6.01 | 1.62% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 377.32 | 6.01 | 1.62% |
| NOC | 461.1 | 5.92 | 1.30% |
| LMT | 431.12 | 2.23 | 0.52% |
| GIB | 116.2 | 2.08 | 1.82% |
| MMS | 84.16 | 2.03 | 2.47% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.05 | -0.73 | -3.89% |
| PLTR | 22.97 | -0.62 | -2.63% |
| CG | 44.64 | -0.35 | -0.78% |
| TTEK | 177.15 | -1.18 | -0.66% |
| AVAV | 123.24 | -0.51 | -0.41% |
