Executive Mosaic’s GovCon Index ended in positive territory, rising to $4,953,15 on a tiny 0.02% gain. Wall Street turned green, also on mild gains by the Dow Jones Industrial Average (+0.18%), S&P 500 (+0.36%) and Nasdaq Composite (+0.25%). Still, the tech-heavy index notched a new record high.
The Federal Reserve has been on a blackout period since June 1 and will end at the close of the two-day Federal Open Market Committee meeting on the 13th. U.S. stocks recovered from Friday’s losses, although momentum was weak at the start of the week, if not absent.
Southwest Airlines (NYSE: LUV) popped 7.03% on news of a new $1.9 billion activist investor stake by Elliot Investment Management in the airline stock. Apple (Nasdaq: AAPL) slid 1.91% after unveiling Apple Intelligence. The newest iPhone, iPad and Mac operating systems have the custom artificial intelligence system. GameStop (NYSE: GME) plunged 12.01%.
The GovCon Index staved off a third-straight daily loss after 18 of 30 components finished with gains. Mercury Systems (Nasdaq: MRCY), KBR (NYSE: KBR) and two other GCI stocks advanced more than 1%. General Dynamics (NYSE: GD) was the top decliner with -1.49%.
On Monday, the U.S. Air Force awarded CACI Federal, a subsidiary of CACI (NYSE: CACI), a maximum $450 million firm-fixed-price, firm-fixed-price-level-of-effort, fixed-price-incentive-fee, cost, indefinite-delivery/indefinite-quantity contract for Joint Navigation Warfare Center IV. The contract provides research and development support services for the center.
Northrop Grumman Systems secured a $119.6 million long-term contract with the Naval Supply Systems Command Weapon Systems Support. The business unit of Northrop Grumman (NYSE: NOC) will provide repair of 17 weapon replaceable assemblies and shop replaceable assemblies to support the E-2 Hawkeye jets.
What will the Fed’s rate decision be after the FOMC meeting on Wednesday? According to market analysts, the reason for implementing a rate cut takes precedence over timing. Because of hot inflation, policymakers are stuck in a holding pattern and likely to keep interest rates unchanged.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,954.25 | 1.10 | 0.02% |
| Dow Jones Industrial Average | 38,868.04 | 69.05 | 0.18% |
| S&P 500 | 5,360.79 | 13.80 | 0.26% |
| NASDAQ | 17,192.53 | 59.40 | 0.35% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 30.71 | 0.48 | 1.59% |
| KBR | 63.96 | 0.88 | 1.40% |
| AVAV | 204.89 | 2.60 | 1.29% |
| PSN | 75.3 | 0.78 | 1.05% |
| HON | 210.74 | 1.96 | 0.94% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 204.89 | 2.60 | 1.29% |
| CACI | 419.96 | 2.44 | 0.58% |
| ACN | 290.43 | 2.03 | 0.70% |
| HON | 210.74 | 1.96 | 0.94% |
| TTEK | 205.01 | 1.43 | 0.70% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GD | 294.68 | -4.46 | -1.49% |
| NOC | 435.77 | -4.27 | -0.97% |
| RTX | 107.09 | -1.02 | -0.94% |
| PLTR | 23.13 | -0.18 | -0.77% |
| VVX | 46.49 | -0.34 | -0.73% |
