Executive Mosaic’s GovCon Index registered its most substantial monthly gain after advancing 1.33% to $5,288.22. The 6.94% month-on-month gain beat the +5.25% established on Feb. 29 this year. Parsons (NYSE: PSN), GCI’s top performer Wednesday, climbed 18.39% to $91.37 after reporting record results since IPO for Q2 2024.
Investors’ mood on Wall Street was upbeat as Fed Chairman Jerome Powell intimated a possible September rate cut. The Nasdaq Composite (+2.64%) and S&P 500 (+1.58%) recorded their best sessions since February, while the Dow Jones Industrial Average (+0.24%) added nearly 100 points.
NVIDIA (Nasdaq: NVDA) popped 12.81% after analysts at Morgan Stanley (NYSE: MS) gave the semiconductor giant a top pick rating and said the current stock price is a good entry point. Nuclear power generator Vistra (NYSE: VST) outperformed with +14.81% due to a license extension, but insurance firm Humana (NYSE: HUM) fell 10.61% on a lower profit outlook.
Parsons was the standout GovCon Index stock, although 25 other constituents finished with positive gains. CGI (NYSE: GIB) rose 4.83%, while both Booz Allen Hamilton (NYSE: BAH) and Curtiss-Wright (NYSE: CW) gained 3.23%. Leidos Holdings (NYSE: LDOS) topped the four losers with -1.08%.
In Q2 2024, Parsons’ revenue rose 23% year-over-year to a record $1.7 billion, and net income soared 60% to a record $69 million compared to Q2 2023. Management raised its fiscal year 2024 guidance ranges for all financial metrics. Carey Smith, chairman, president, and CEO, said Parsons transformed into a high-value solutions provider over the last three years.
Boeing (NYSE: BA) advanced 2% with the announcement of a new president and CEO. Kelly Ortberg will succeed David Calhoun effective Aug. 8. Unfortunately, the plane maker’s net loss in Q2 2024 reached $1.4 billion versus the $149 million net loss a year ago.
The Federal Open Market Committee concluded its two-day meeting and maintained the key interest rate at 5.25% to 5.5%. However, at his press conference, Fed Chair Powell said a rate cut in September is “on the table” if inflation continues to trend towards the 2% target.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,288.22 | 70.51 | 1.33% |
| Dow Jones Industrial Average | 40,842.79 | 99.46 | 0.24% |
| S&P 500 | 5,522.30 | 85.86 | 1.58% |
| NASDAQ | 17,599.40 | 451.98 | 2.64% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PSN | 91.37 | 14.19 | 18.39% |
| GIB | 113.97 | 5.25 | 4.83% |
| BAH | 143.31 | 4.49 | 3.23% |
| CW | 294.7 | 9.23 | 3.23% |
| AVAV | 178.54 | 5.02 | 2.89% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PSN | 91.37 | 14.19 | 18.39% |
| CW | 294.7 | 9.23 | 3.23% |
| CACI | 461.48 | 8.85 | 1.96% |
| GD | 298.71 | 5.70 | 1.95% |
| GIB | 113.97 | 5.25 | 4.83% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LDOS | 144.4 | -1.58 | -1.08% |
| NOC | 484.32 | -2.41 | -0.50% |
| LHX | 226.89 | -0.85 | -0.37% |
| MMS | 92.89 | -0.10 | -0.11% |
| HII | 279.98 | 0.22 | 0.08% |
