Executive Mosaic’s GovCon Index turned positive, inching 0.16% higher to $5,190.38 and registering a new record close. Wall Street hardly moved from Friday’s strong rally, although the Dow Jones Industrial Average (-0.12%) ended slightly lower. The S&P 500 (+0.08%) and Nasdaq Composite (+0.07%) had modest gains.
The earnings schedule was light, and no major economic reports were due Monday. Serve Robotics (Nasdaq: SERV) soared 46.67% and extended its winning streak to three days. Published reports say that NVIDIA (Nasdaq: NVDA) invested in the low-emission robot developer. ON Semiconductor (Nasdaq: ON) popped 11.54% after the chipmaker reported better-than-expected revenue in Q2 2024.
More than half of the GovCon Index constituents advanced on Monday. Booz Allen Hamilton (NYSE: BAH) recovered from last week’s steep loss and led 16 gainers with +3.33%. Its CEO, president and director, Horacio Rozanski, said the business’ leading indicators remain strong and the company is on track to achieve its fiscal 2025 financial guidance.
Leidos (NYSE: LDOS), the next best performer, obtained an $823 million task order from the Defense Information Systems Agency. The company will provide operations and sustainment for the Defense Enclave Services DoDNet program. DISA is working with Leidos through a single-award, ten-year, indefinite-delivery/indefinite-quantity DES contract worth $11.5 billion.
L3Harris Technologies (NYSE: LHX) declined 2.02% despite reporting 13% and 4.9% increases in Q2 2024 revenue and net income compared to Q2 2023. However, profit margin fell 6.9% from 7.4% a year ago. The provider of mission-critical solutions projects an average revenue growth of 4.5% in the next three years.
The U.S. Navy awarded Sikorsky, a Lockheed Martin (NYSE: LMT) subsidiary, a not-to-exceed $120.3 million firm-fixed-price modification to a previously awarded contract. This modification relates to procuring additional long-lead-time materials to support 21 full-rate production, Lot Nine, CH-53K King Stallion aircraft.
The Federal Open Market Committee of the U.S. Federal Reserve will meet for the fifth time this year on Tuesday. Market observers don’t expect Fed Chairman Jerome Powell to announce a rate cut during Wednesday’s post-meeting press conference. Nevertheless, many believe a cut in September is on the horizon.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,190.38 | 8.43 | 0.16% |
| Dow Jones Industrial Average | 40,539.93 | -49.41 | -0.12% |
| S&P 500 | 5,463.54 | 4.44 | 0.08% |
| NASDAQ | 17,370.20 | 12.32 | 0.07% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 144.49 | 4.65 | 3.33% |
| LDOS | 152.97 | 3.14 | 2.10% |
| PSN | 77.69 | 1.17 | 1.53% |
| KBR | 66.57 | 0.80 | 1.22% |
| SAIC | 123.43 | 1.30 | 1.06% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 144.49 | 4.65 | 3.33% |
| LDOS | 152.97 | 3.14 | 2.10% |
| LMT | 527.64 | 2.84 | 0.54% |
| CACI | 451.62 | 2.59 | 0.58% |
| TTEK | 212.35 | 1.80 | 0.85% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LHX | 224.78 | -4.63 | -2.02% |
| FLR | 47.67 | -0.51 | -1.06% |
| BA | 185.43 | -1.46 | -0.78% |
| GIB | 108.03 | -0.82 | -0.75% |
| MRCY | 35.08 | -0.26 | -0.74% |
