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March 11 Market Report: Executive Mosaic’s GovCon Index Sinks, Risk-Off Day on Wall Street

Home Financial Reports March 11 Market Report: Executive Mosaic’s GovCon Index Sinks, Risk-Off Day on Wall Street
March 11 Market Report: Executive Mosaic’s GovCon Index Sinks, Risk-Off Day on Wall Street

Executive Mosaic’s GovCon Index, fresh from a seven-week winning streak, declined 0.91% to $4,893.55 Monday. Wall Street had a risk-off day, with the S&P 500 (-0.11%) and Nasdaq Composite (-0.41%) losing for the second consecutive session. The Dow Jones Industrial Average (+0.12%) struggled but ended in positive territory.

Social media giant Meta Platforms (Nasdaq: META), as well as chip stocks NVIDIA (Nasdaq: NVDA) and Advanced Micro Devices (Nasdaq: AMD), pulled the tech-heavy Nasdaq down. However, MicroStrategy (Nasdaq: MSTR) rose 4.11% after the AI-powered enterprise analytics software and services company announced increasing its Bitcoin (BTC-USD) holdings. The flagship cryptocurrency rose above US$70,000 last week.     

The GovCon Index experienced heavy selling pressure, as evidenced by 23 decliners out of 30 stocks. AeroVironment (Nasdaq: AVAV), last week’s top GCI performer, fell 3.81%, while Boeing (NYSE: BA), also a Dow Jones constituent, dropped 3.02% owing to government investigations on safety and manufacturing quality issues. Jacobs (NYSE: J) and RTX (NYSE: RTX) led seven gainers, although they all had very modest gains. 

The risk-off sentiment at the start of the week is an extension of the mixed reactions to the February jobs report released Friday. On Tuesday, the Bureau of Labor Statistics will present the latest Consumer Price Index and core CPI readings. Both inflation reports could influence the US Federal Reserve’s decision on interest rates this month and beyond.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 4,893.55 -44.71 -0.91%
Dow Jones Industrial Average 38,769.66 46.97 0.12%
S&P 500 5,117.94 -5.75 -0.11%
NASDAQ 16,019.27 -65.84 -0.41%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
J 147.85 0.92 0.63%
RTX 91.4 0.52 0.57%
LMT 434.75 1.85 0.43%
GD 273.27 0.96 0.35%
GIB 117.13 0.15 0.13%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
LMT 434.75 1.85 0.43%
GD 273.27 0.96 0.35%
J 147.85 0.92 0.63%
RTX 91.4 0.52 0.57%
GIB 117.13 0.15 0.13%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
AVAV 159.89 -6.34 -3.81%
BA 192.49 -6.00 -3.02%
PLTR 25.35 -0.69 -2.65%
KTOS 18.14 -0.35 -1.89%
VVX 44.07 -0.85 -1.89%