Executive Mosaic’s GovCon Index and the major U.S. stock indexes surged as investors watched a bill to suspend the debt ceiling and cap government spending move through Congress on the first trading day of June.
The GCI gained 1.09 percent to close at $132.30, with Tetra Tech (Nasdaq: TTEK) leading the advancers at 6.05 percent on news that the engineering company secured an asset management service contract from Scottish Water.
ICF (Nasdaq: ICFI) and Maximus (NYSE: MMS) climbed 2.38 percent and 0.86 percent, respectively, as Forbes ranked the two companies as part of America’s best employers for diversity.
Leidos Holdings (NYSE: LDOS) inched 0.53 percent higher after the company said it will adopt the National Contract Management Association’s contract management standard, which the federal government and higher education institutions use.
The Nasdaq Composite rose 1.28 percent, posting the largest gain among the three major indices. The S&P 500 advanced 0.99 percent while the Dow Jones Industrial Average jumped 0.47 percent as payroll processing firm ADP reported that private employers added 278,000 jobs in May.
Reuters reported Thursday the Nasdaq Composite and the S&P 500 hit nine-month closing highs.
Investors await the Senate’s decision on the debt ceiling bill, expected on Thursday evening. The bill gained approval from the House and, if implemented, would suspend the $31.4 trillion debt limit until January 2025 and reduce expenditures for domestic programs.
June 1 Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 132.30 | 1.4400 | 1.0900% |
| Dow Jones Industrial Average | 33,061.57 | 153.3008 | 0.4658% |
| S&P 500 | 4,221.02 | 41.1899 | 0.9854% |
| NASDAQ | 13,100.98 | 165.6914 | 1.2809% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 145.79 | 8.32 | 6.0522% |
| CW | 163.02 | 4.96 | 3.138% |
| BAESY | 48.23 | 1.24 | 2.6389% |
| CG | 28.09 | 0.68 | 2.4808% |
| ICFI | 114.65 | 2.66 | 2.3752% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 145.79 | 8.32 | 6.0522% |
| LMT | 449.67 | 5.66 | 1.2747% |
| CW | 163.02 | 4.96 | 3.138% |
| NOC | 438.51 | 3.02 | 0.6935% |
| ICFI | 114.65 | 2.66 | 2.3752% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.11 | -0.03 | -2.6316% |
| PLTR | 14.54 | -0.17 | -1.1557% |
| ACN | 305.2 | -0.72 | -0.2354% |
| HII | 201.21 | -0.17 | -0.0844% |
| FLR | 26.58 | 0.02 | 0.0753% |
