Executive Mosaic’s GovCon Index is back in the red after sliding 0.45% to $4,559.55. The Dow Jones Industrial Average (-0.42%) and S&P 500 (-0.15%) drifted lower, but the Nasdaq Composite kept its winning streak from Friday going with a modest gain (-0.09%).
Chipmaker NVIDIA (Nasdaq: NVDA) climbed 1.7% to $531.40, a new all-time high eclipsing Monday’s record. Boeing (NYSE: BA) fell for the second straight day, although not as steep as the day before. The aircraft manufacturer is dealing with safety and production issues.
On the GovCon Index, 22 of its 30 constituents, including Boeing, finished in negative territory. The top decliners were Kratos Defense & Security Solutions (Nasdaq: KTOS) and Palantir Technologies (NYSE: PLTR). Jacobs (NYSE: J) advanced nearly 2% to lead eight gainers.
The U.S. Navy awarded Lockheed Martin’s (NYSE: LMT) Rotary and Mission Systems in Moorestown, New Jersey, a $101.5M cost-plus-incentive-fee and cost-plus-fixed-fee contract for AEGIS development and test sites operation and maintenance. If Lockheed exercises the options in the contract, the cumulative value could reach $462.4M.
Meanwhile, the ten-year Treasury yield edged higher to 4.02%, while oil prices recovered from sharp losses at the start of the week. The U.S. and Brent crude settled at $72.24 and $77.59 per barrel.
Besides the inflation data due this week, the fourth quarter earnings season will begin on Jan. 12, 2024. Busy weeks are ahead after the banks report this Friday. FactSet analysts estimate an earnings growth rate of 1.3% for the S&P 500 companies. If the financial data group’s forecast is correct, it would be the index’s second straight quarter of year-over-year earnings growth.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,559.55 | -20.45 | -0.45% |
| Dow Jones Industrial Average | 37,525.16 | -157.85 | -0.42% |
| S&P 500 | 4,756.50 | -7.04 | -0.15% |
| NASDAQ | 14,857.71 | 13.94 | 0.09% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 131.07 | 2.44 | 1.90% |
| ACN | 342.75 | 2.40 | 0.71% |
| SAIC | 127.25 | 0.57 | 0.45% |
| PSN | 62.94 | 0.27 | 0.43% |
| BAH | 127.26 | 0.29 | 0.23% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 131.07 | 2.44 | 1.90% |
| ACN | 342.75 | 2.40 | 0.71% |
| SAIC | 127.25 | 0.57 | 0.45% |
| BAH | 127.26 | 0.29 | 0.23% |
| PSN | 62.94 | 0.27 | 0.43% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.13 | -0.38 | -2.05% |
| PLTR | 16.39 | -0.28 | -1.68% |
| CG | 39.24 | -0.63 | -1.58% |
| BA | 225.76 | -3.24 | -1.41% |
| LHX | 203.5 | -2.90 | -1.41% |
