Executive Mosaic’s GovCon Index slipped for the second straight session, closing lower at $4,977.54 (-0.13%). Wall Street ticked higher despite all primary sectors finishing in the red zone except consumer discretionary. The Dow Jones Industrial Average (+0.04%) turned green, while the S&P 500 (+0.16%) and Nasdaq Composite (+0.49%) rose on modest gains.
Amazon.com (Nasdaq: AMZN) rose 3.9% and saw its market cap cross the $2 trillion threshold. The iconic online retailer is the fifth American company after Microsoft (Nasdaq: MSFT), Apple (Nasdaq: AAPL), NVIDIA (Nasdaq: NVDA), and Alphabet (Nasdaq: GOOGL) to achieve the milestone.
However, FedEx (NYSE: FDX) was the top market-mover mid-week with +15.53%, its biggest single-day gain since 1986. Pre-Civil War firm Barnes Group (NYSE: B) popped 7.63% on news of a possible sale.
On the GovCon Index, it was again a rout in favor of 21 decliners. Boeing (NYSE: BA), one of the top performers on the Dow Jones, led nine gainers with +1.94%. Palantir Technologies (NYSE: PLTR), Kratos Defense & Security Solutions (Nasdaq: KTOS) and three others in the losing bunch declined by more than one percent.
Published reports say Boeing will resume widebody jet deliveries to China as early as next month. The Civil Aviation Administration of China has completed a review of the batteries in the 25-hour cockpit voice recorder. The plane maker also secured a $115 million firm-fixed-price modification to an existing delivery order with the U.S. Special Operations Command for the procurement of MH-47G renew build rotary wing aircraft.
Also, on Wednesday, the U.S. Navy awarded Lockheed Martin Space, a major business division of Lockheed Martin (NYSE: LMT), a cost-plus-incentive-fee and cost-plus-fixed-fee unpriced letter contract modification, not to exceed $534 million, under a previous contract for support systems engineering, development, and testing for the Conventional Prompt Strike.
U.S. Federal Reserve Governor Michelle Bowman on Wednesday maintained her baseline view that inflation will decline further with the policy rate held steady. She added that rate cuts will eventually be appropriate if inflation move sustainably towards the 2% target.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,977.54 | -6.70 | -0.13% |
| Dow Jones Industrial Average | 39,127.80 | 15.64 | 0.04% |
| S&P 500 | 5,477.90 | 8.60 | 0.16% |
| NASDAQ | 17,805.16 | 87.51 | 0.49% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 178.5 | 3.40 | 1.94% |
| ICFI | 150 | 2.00 | 1.35% |
| NOC | 431.49 | 3.01 | 0.70% |
| TXT | 86.54 | 0.53 | 0.62% |
| CACI | 437.13 | 1.77 | 0.41% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 178.5 | 3.40 | 1.94% |
| NOC | 431.49 | 3.01 | 0.70% |
| ICFI | 150 | 2.00 | 1.35% |
| CACI | 437.13 | 1.77 | 0.41% |
| TXT | 86.54 | 0.53 | 0.62% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 24.1 | -0.46 | -1.87% |
| KTOS | 19.81 | -0.35 | -1.74% |
| GIB | 100.21 | -1.52 | -1.49% |
| LDOS | 146.39 | -1.90 | -1.28% |
| BAESY | 67.15 | -0.72 | -1.06% |
