Executive Mosaic’s GovCon Index rose 0.41% to $5,003.20 for its fourth straight daily gain since mid-week last week. Wall Street was steady to start the week following an assassination attempt on a former POTUS during a rally on July 13.
The blue-chip Dow Jones Industrial Average (+0.53%) rose 210 points to finish at 40,211.72 points, a new all-time high. Meanwhile, the Nasdaq Composite (+0.40%) and S&P 500 (+0.28%) stayed within record levels. Trump Media & Technology Group (Nasdaq: DJT) soared 31.37%, while Axon Enterprise (Nasdaq: AXON), a Taser and security devices manufacturer, climbed 5.46%.
The buy ratings and higher price targets by analysts from Morgan Stanley (NYSE: MS) and Loop Capital helped Apple (Nasdaq: AAPL) hit a record high in intraday trading. Apple Intelligence, its AI technology, could be the catalyst and growth driver.
Mercury Systems (Nasdaq: MRCY) led 23 advancers on the GovCon Index, including four other stocks with 2% or more gains. Accenture (NYSE: ACN) and Textron (NYSE: TXT) extended their winning streak to three days. Boeing (NYSE: BA) was the worst performer among seven decliners.
On Monday, Boeing and airplane lessor Aviation Capital Group jointly announced finalizing an order for 35 737 MAX jets. Brad McMullen, Boeing’s senior vice president of Commercial Sales and Marketing, said the repeat orders demonstrate the strong demand for the 737 MAX airplanes. The Federal Aviation Administration has also started trials for Boeing’s new 777X model plane.
The U.S. Navy awarded Lockheed Martin Aeronautics, a major unit of Lockheed Martin (NYSE: LMT) a $70 million cost-plus-fixed-fee modification to an order against a previously issued basic ordering agreement relating to the support for the F-35 aircraft diminishing manufacturing sources and material shortages.
Market analysts see uncertainty ahead with the Republican and Democratic national conventions and Congressional primaries. Nonetheless, strong fundamentals could overcome volatility and prevent a market pullback. The second quarter earnings season shifts to high gear, too, as giant lenders and prominent companies parade their quarterly results.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,003.02 | 20.34 | 0.41% |
| Dow Jones Industrial Average | 40,211.72 | 210.82 | 0.53% |
| S&P 500 | 5,631.22 | 15.87 | 0.28% |
| NASDAQ | 18,472.57 | 74.12 | 0.40% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 32.41 | 1.23 | 3.94% |
| TXT | 91.09 | 2.30 | 2.59% |
| ACN | 317.87 | 7.24 | 2.33% |
| KTOS | 21.47 | 0.46 | 2.19% |
| PLTR | 28.67 | 0.60 | 2.14% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 317.87 | 7.24 | 2.33% |
| HII | 255.52 | 4.58 | 1.83% |
| LHX | 234.54 | 3.50 | 1.51% |
| TXT | 91.09 | 2.30 | 2.59% |
| MMS | 89.32 | 1.60 | 1.82% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 179.11 | -3.20 | -1.76% |
| PSN | 77.8 | -1.07 | -1.36% |
| CW | 275.88 | -3.64 | -1.30% |
| GIB | 104.93 | -0.95 | -0.90% |
| LDOS | 148.96 | -0.96 | -0.64% |
