Executive Mosaic’s GovCon Index ended its two-day slump, rising 0.84% to $4,928.13 as Wall Street regained strength. The S&P 500 (+0.77%) and Nasdaq Composite (+0.95%) hit new record highs anew, while the Dow Jones Industrial Average (+0.49%) snapped its four-day losing streak.
Engineering design software company Autodesk (Nasdaq: ADSK) climbed 6.48% on news that activist investor Starboard Value took a position in the stock. The rally of hardware and AI stocks, led by Broadcom (Nasdaq: AVGO) and Super Micro Computer (Nasdaq: SMCI), helped the tech-heavy Nasdaq notch its sixth straight record close.
The GovCon Index stormed back from last week’s steep losses as 25 of 30 stocks outperformed to start the week. Palantir Technologies (NYSE: PLTR) was among the top movers in the broad market, popping 6.15%. Jacobs (NYSE: J) and Curtiss-Wright (NYSE: CW) were the next-best performers, with +1.84% and +1.75%, respectively. Mercury Systems (Nasdaq: MRCY) declined 1.95% to lead five decliners.
Palantir Technologies received a buy rating from Angus Research. Analyst Joseph Bonner said that the provider of data-analytics software would benefit from strong sales to commercial clients. The game changer is its Artificial Intelligence Platform. Users can use AIP to develop various applications within a business that deploys AI.
Boeing (NYSE: BA) rose 0.63% to stop its six-day slide since June 7. Its outgoing CEO, Dave Calhoun, will testify before a Senate subcommittee on Tuesday, June 18, regarding safety issues surrounding the Boeing 737 Max.
Philadelphia Federal Reserve President Patrick Harker said Monday he favors cutting interest rates this year, although just one is appropriate and provided that inflation data cooperates. However, the data-dependent, non-voting Federal Open Market Committee member adds that two cuts or none are possible too.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 4,928.13 | 41.22 | 0.84% |
| Dow Jones Industrial Average | 38,778.10 | 188.94 | 0.49% |
| S&P 500 | 5,473.23 | 41.63 | 0.77% |
| NASDAQ | 17,857.02 | 168.14 | 0.95% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 25.02 | 1.45 | 6.15% |
| J | 140.74 | 2.54 | 1.84% |
| CW | 270.88 | 4.66 | 1.75% |
| BAH | 152.9 | 2.48 | 1.65% |
| HON | 211.95 | 3.42 | 1.64% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 430.31 | 6.44 | 1.52% |
| NOC | 429.78 | 5.69 | 1.34% |
| CW | 270.88 | 4.66 | 1.75% |
| HII | 242.03 | 3.57 | 1.50% |
| HON | 211.95 | 3.42 | 1.64% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| MRCY | 28.13 | -0.56 | -1.95% |
| TTEK | 207.66 | -0.97 | -0.46% |
| ACN | 285.53 | -1.18 | -0.41% |
| KTOS | 19.75 | -0.05 | -0.25% |
| AVAV | 215.11 | -0.13 | -0.06% |
