Executive Mosaic’s GovCon Index slipped 0.49% to $4,889.62, erasing Wednesday’s gain. Wall Street’s main indexes closed lower as investors turned bearish. The day’s highlight was the 11 basis points increase of the ten-year Treasury note to 4.298%.
Nearly 80% and 76% of NYSE stocks and Nasdaq components declined Thursday. Most chip stocks ended in red territory while Tesla (Nasdaq: TSLA) fell 4.11% to $162.50, a ten-month low. However, Microsoft (Nasdaq: MSFT), the world’s largest company by market capitalization, advanced 2.44% to $425.55 and touched a record high during intra-day trading.
On the GovCon index, 22 of 30 stocks tumbled, led by the Carlyle Group (Nasdaq: CG), Palantir Technologies (NYSE: PLTR), and AeroVironment. The top performers were RTX (NYSE: RTX) and Northrop Grumman (NYSE: NOC). Collins Aerospace, one of RTX’s business units, recently delivered the first seating shipment from its Tanauan City, Philippines facility to Airbus.
According to Christopher Blanc, the president and general manager of Aircraft Seating for Collins Aerospace, adding main cabin seating production to the facility is a critical milestone. It will also bring new business and create additional jobs in the local area.
Meanwhile, Boeing (NYSE: BA) secured a $24.6 million modification contract for the CH-47F helicopter. The award from the Army Contracting Command is the second lot of the helicopters for heavy-lift missions.
Bond yields rose in reaction to the latest inflation-related data. In February, the producer price index and core PPI climbed 0.6% and 0.3%, respectively. Market analysts and traders said the door to early rate cuts is closed. They forecast the first in July and that there might be only two cuts this year.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,889.62 | -24.20 | -0.49% |
| Dow Jones Industrial Average | 38,905.66 | -137.66 | -0.35% |
| S&P 500 | 5,150.48 | -14.83 | -0.29% |
| NASDAQ | 16,128.53 | -49.24 | -0.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 91.76 | 1.20 | 1.33% |
| NOC | 460.86 | 2.63 | 0.57% |
| BAESY | 67.22 | 0.23 | 0.34% |
| LMT | 435.77 | 1.17 | 0.27% |
| FLR | 38.5 | 0.05 | 0.13% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 460.86 | 2.63 | 0.57% |
| RTX | 91.76 | 1.20 | 1.33% |
| LMT | 435.77 | 1.17 | 0.27% |
| BAESY | 67.22 | 0.23 | 0.34% |
| LDOS | 127.79 | 0.10 | 0.08% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 45.15 | -1.22 | -2.63% |
| PLTR | 24.43 | -0.57 | -2.28% |
| AVAV | 158.1 | -3.11 | -1.93% |
| TTEK | 179.72 | -3.42 | -1.87% |
| HON | 196.35 | -3.38 | -1.69% |
