Executive Mosaic’s GovCon Index finished positive at $4.946.42, following a modest 0.16% gain. The Nasdaq Composite (+2.42%) closed at 17,608.44 for a new all-time high, while the S&P (+1.12%) ended above 5,400 for the first time. Only the Dow Jones Industrial Average (-0.40%) had negative returns mid-week.
Easing inflation and a clearer rate path direction by the U.S. Federal Reserve revived momentum, particularly in the tech-heavy index. Oracle (NYSE: ORCL) was the headline stock, rising 13.32% to a record high of $140.38. The computer technology company announced cloud deals with tech titans Microsoft (Nasdaq: MSFT), and Alphabet (Nasdaq: GOOG) (Nasdaq: GOOGL) as well as Open AI.
On the GovCon Index, 20 advancers prevented a daily loss. Maximus (NYSE: MMS), Tetra Tech (Nasdaq: TTEK), and AeroVironment (Nasdaq: AVAV) gained 3.58%, 3.16%, and 2.94% to lead Wednesday’s outperformers. In the losing bunch, Accenture (NYSE: ACN) and ICF (Nasdaq: ICFI) fell sharply by 2.89% and 1.94%, respectively.
The Maximus Board of Directors has authorized expanding the company’s purchase program for common stock. The limit of up to $200 million includes around $6 million of remaining availability under the existing stock purchase program.
Raytheon, one of three core businesses of RTX (NYSE: RTX), secured an indefinite-delivery/indefinite-quantity contract, with a ceiling of $293 million, with the U.S. Special Operations Command Program. It includes a $33.7 million initial task order for sustainment, support, research, development, and supplemental objectives related to the Silent Knight radar systems of the awarding party.
The fourth Federal Open Market Committee meeting in 2024 ended on Wednesday. In his post-meeting press conference, Fed Chairman Jerome Powell said the current interest range of 5.25% to 5.5% will stay. However, he added that a rate hike is not a consideration. Market analysts say the signal is for a quarter-point cut this year.
Market Summary*
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,946.42 | 7.87 | 0.16% |
| Dow Jones Industrial Average | 38,712.21 | -155.83 | -0.40% |
| S&P 500 | 5,421.03 | 60.24 | 1.12% |
| NASDAQ | 17,608.44 | 415.91 | 2.42% |
Data below taken from Yahoo Finance, site skipped June 11 figures*
*Percentage (+/-) is June 12 and June 10
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 217.57 | 12.68 | 6.19% |
| TTEK | 213.08 | 8.07 | 3.94% |
| MMS | 87.87 | 3.32 | 3.93% |
| PLTR | 23.77 | 0.64 | 2.77% |
| PSN | 76.94 | 1.64 | 2.18% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 217.57 | 12.68 | 6.19% |
| TTEK | 213.08 | 8.07 | 3.94% |
| CACI | 427.35 | 7.39 | 1.76% |
| MMS | 87.87 | 3.32 | 3.93% |
| PSN | 76.94 | 1.64 | 2.18% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 182.67 | -7.45 | -3.92% |
| NOC | 427.15 | -8.62 | -1.98% |
| HII | 243.29 | -4.65 | -1.88% |
| LMT | 459.11 | -8.35 | -1.79% |
| MRCY | 30.2 | -0.51 | -1.66% |
