Executive Mosaic’s GovCon Index turned red on Monday, slipping 0.22% to $4,160.98. Wall Street’s major indexes also lost steam, with the Dow Jones Industrial Average (-0.16%) and Nasdaq Composite (-0.14%) edging lower. The S&P 500 (-0.38%) retreated but remained within record level.
Amazon.com (Nasdaq: AMZN) declined 0.15% on its first day as a Dow Jones component.
Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR) were the top gainers on the GovCon Index. Fluor Corporation (NYSE: FLR) fell 4.24% to lead 17 decliners.
AI stock Palantir rose 2.57% to $23.57% despite the downgrade by HSBC Global Research from buy to hold. The software builder plans to capitalize on the strong demand for generative AI and use it to drive growth in the commercial market. It has AI platforms dedicated to government agencies, corporate clients, and the financial sector.
Investors await crucial economic data and inflation indicators coming out this week, including the Personal Consumption Expenditures price and Core PCI indexes. Other important reports on deck are GDP and initial jobless claims.
Also on Monday, Federal Reserve Bank of Kansas City President Jeffrey R. Schmid spoke at an event in Oklahoma City, Oklahoma. “With inflation running above target, labor markets tight, and demand showing considerable momentum, my own view is that there is no need to preemptively adjust the stance of policy,” he said.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,829.41 | -10.51 | -0.22% |
| Dow Jones Industrial Average | 39,069.23 | -62.30 | -0.16% |
| S&P 500 | 5,069.53 | -19.27 | -0.38% |
| NASDAQ | 15,976.25 | -20.57 | -0.13% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.56 | 0.51 | 2.83% |
| PLTR | 23.56 | 0.59 | 2.57% |
| PSN | 80.54 | 1.27 | 1.60% |
| MRCY | 28.75 | 0.42 | 1.48% |
| TXT | 87.11 | 1.14 | 1.33% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 80.54 | 1.27 | 1.60% |
| TXT | 87.11 | 1.14 | 1.33% |
| TTEK | 177.81 | 0.66 | 0.37% |
| BAESY | 64.53 | 0.61 | 0.95% |
| PLTR | 23.56 | 0.59 | 2.57% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 35.45 | -1.57 | -4.24% |
| CG | 43.91 | -0.73 | -1.64% |
| VVX | 38.67 | -0.57 | -1.45% |
| LHX | 211.74 | -2.71 | -1.26% |
| AVAV | 122.24 | -1.00 | -0.81% |
