Executive Mosaic’s GovCon Index dropped 0.67% to $4,965.64 following a slump to start the week. The Dow Jones Industrial Average, coming from its best day in 2024 last Friday, skidded 0.30%, while the Nasdaq Composite (+0.56%) and S&P 500 (+0.11%) ticked higher.
Meme stocks GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) sizzled with +21% and +11.09%, respectively. NVIDIA (Nasdaq: NVDA) rose 4.9% to $1,150 as investors welcomed the launching of Rubin, its next-generation AI chip platform, in 2026 and the unveiling of new chips annually.
Decliners outnumbered gainers on the GovCon Index, 21 to 9. Boeing (NYSE: BA), the top advancer, popped 3.92% on news that its senior executives are unlikely to face criminal charges due to an expired statute of limitations. Also, Qatar Airways CEO Badr Mohammed Al Meer confirmed that the company is in talks with Boeing regarding the possible purchase of 777X wide-body jets.
Science Applications International Corp. (Nasdaq: SAIC), Monday’s worst GCI performer, plummeted 11.76% to $118.81 after reporting lower-than-expected revenue in Q1 2024. In the same quarter, the net income of the tech company providing government services and information technology support fell 21% year-over-year to $77 million.
L3Harris Technologies (NYSE: LHX), one of the gainers, completed disposing of its antenna and related businesses to affiliate Kanders & Company. The $200 million transaction or divestment of the non-core assets is part of the company’s portfolio-shaping strategy. The U.S. Army awarded Lockheed Martin (NYSE: LMT) a $1.9 billion modification to the High Mobility Artillery Rocket Systems contract with the Army Contracting Command.
Meanwhile, the U.S. Navy awarded Northrop Grumman (NYSE: NOC) a $119.5 million long-term requirements contract for the repair of 17 weapon replaceable assemblies and shop replaceable assemblies supporting the E-2 aircraft. The nineteen-month contract has no option periods.
Wall Street’s major U.S. equity indexes opened strong but eventually lost steam. The 48.7% ISM manufacturing index in May was the headwind for stocks on Monday. While factory production weakened by 0.5% from April, a reading under 50% indicates that economic activity in the manufacturing sector is contracting.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,965.64 | -33.31 | -0.67% |
| Dow Jones Industrial Average | 38,571.03 | -115.29 | -0.30% |
| S&P 500 | 5,283.40 | 5.89 | 0.11% |
| NASDAQ | 16,828.67 | 93.65 | 0.56% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 184.57 | 6.96 | 3.92% |
| MRCY | 31.36 | 0.41 | 1.32% |
| CG | 43.41 | 0.45 | 1.05% |
| LHX | 226.65 | 1.82 | 0.81% |
| AVAV | 203.27 | 1.12 | 0.55% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 184.57 | 6.96 | 3.92% |
| LHX | 226.65 | 1.82 | 0.81% |
| AVAV | 203.27 | 1.12 | 0.55% |
| CG | 43.41 | 0.45 | 1.05% |
| MRCY | 31.36 | 0.41 | 1.32% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| SAIC | 118.81 | -15.84 | -11.76% |
| VVX | 47.17 | -0.94 | -1.95% |
| PSN | 74.83 | -1.32 | -1.73% |
| KBR | 64.54 | -1.12 | -1.71% |
| PLTR | 21.32 | -0.36 | -1.66% |
