Executive Mosaic’s GovCon Index advanced 0.49% to $4,582.22 and recovered lost ground. Wall Street regained strength with the S&P 500 (+0.57%) closing below its all-time high. The Dow Jones Industrial Average added 0.45%, while the tech-heavy Nasdaq (+0.75%) extended its winning streak to five days.
Gainers outnumbered decliners, 20 to 10, on the GovCon Index. The top advancers mid-week were Tuesday’s biggest losers, Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR). Mercury Systems (Nasdaq: MRCY) declined nearly 2% to lead decliners.
Boeing (NYSE: BA) advanced 0.92% to $227.84 after sharp drops in the last two trading sessions. The Federal Aviation Administration ordered the temporary grounding of most Boeing 737 Max 9 aircraft for inspection. Boeing CEO Dave Calhoun said the company will take steps to ensure a blowout accident like the one in Alaska Airlines can never happen again.
Meanwhile, the U.S. Navy awarded General Dynamics (NYSE: GD) a not-to-exceed $438.5M cost-plus-fixed-fee modification contract. This latest award forms part of a previously awarded undefinitized contract action for the maintenance, modernization, and repair of USS Chung-Hoon and USS James E. Williams fiscal 2024 Depot Maintenance Period availabilities.
Wednesday’s rally stems from investors’ expectations that the inflation data to be released this week is favorable. However, New York Federal Reserve President John Williams said that while inflation is moving toward the 2% target, he believes the restrictive stance on policy rate must remain for some time.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,582.22 | 22.67 | 0.49% |
| Dow Jones Industrial Average | 37,695.73 | 170.57 | 0.45% |
| S&P 500 | 4,783.45 | 26.95 | 0.57% |
| NASDAQ | 14,969.65 | 111.94 | 0.75% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.58 | 0.45 | 2.48% |
| PLTR | 16.79 | 0.40 | 2.44% |
| AVAV | 122 | 2.32 | 1.94% |
| CW | 218.54 | 4.12 | 1.92% |
| CACI | 329.05 | 4.92 | 1.52% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 329.05 | 4.92 | 1.52% |
| CW | 218.54 | 4.12 | 1.92% |
| ACN | 345.33 | 2.58 | 0.75% |
| AVAV | 122 | 2.32 | 1.94% |
| BA | 227.84 | 2.08 | 0.92% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 32.46 | -0.65 | -1.96% |
| VVX | 39.72 | -0.25 | -0.63% |
| FLR | 37.92 | -0.19 | -0.50% |
| LDOS | 109.71 | -0.51 | -0.46% |
| LMT | 455.4 | -0.89 | -0.20% |
