Executive Mosaic’s GovCon Index started the week on a negative note, dipping 0.66% to $4,848.64. However, the main U.S. stock indexes rebounded, led by the Nasdaq Composite (+0.82%). The S&P 500 (+0.63%) ended its three-day losing streak, while the Dow Jones Industrial (+0.20%) rose slightly.
TESLA (Nasdaq: TSLA) showed the way on the tech-heavy index with a 6.25% gain after announcing a price hike in its lower-cost Model Y vehicle. Mega-cap tech stocks also advanced Monday as NVIDIA’s (Nasdaq: NVDA) AI developer conference or ‘AI Woodstock’ begins.
The three worst performers on the GovCon Index are all Nasdaq components. Science Applications International Corporation (Nasdaq: SAIC) tanked 9.98% to lead 20 decliners, including AeroVironment (Nasdaq: AVAV) and Mercury Systems (Nasdaq: MRCY). Boeing (NYSE: BA) dropped 1.47% to erase Friday’s gain.
SAIC fell after the technology integrator reported lower top and bottom-line quarterly results. In Q4 fiscal 2024, revenue and net income declined 12% and 47% to $1.74 billion and $39 million versus Q4 fiscal 2023. Market analysts said the accelerated stock-based compensation and higher reorganization expenses reduced income.
Top performer Fluor Corporation (NYSE: FLR) rose 3.77% to extend its winning streak to five days. The stock has gained 7.73% since winning a significant $45 billion, ten-year Hanford Integrated Tank Disposition Contract by the Department of Energy. Palantir Technologies (NYSE: PLTR) climbed 2.37% to join ten advancers.
Parsons Government Services, a subsidiary of Parsons Corporation (NYSE: PSN), has been awarded a $62.9 million modification for a previously awarded contract by the U.S. Air Force. The modification is for the production, integration, and sustainment of laser systems and vehicles.
The second Federal Open Market Committee meeting for the year will begin Tuesday. On Wednesday, Fed Chairman Jerome Powell will hold the customary press conference and report the policy-rate decision. In January, the central bank’s dot plot indicated three rate cuts in 2024, but some investors say it might be two only.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,848.64 | -31.81 | -0.66% |
| Dow Jones Industrial Average | 38,790.43 | 75.66 | 0.20% |
| S&P 500 | 5,149.42 | 32.33 | 0.63% |
| NASDAQ | 16,103.45 | 130.28 | 0.82% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 40.16 | 1.46 | 3.77% |
| PLTR | 24 | 0.51 | 2.17% |
| CG | 45.01 | 0.43 | 0.96% |
| GD | 277.6 | 2.39 | 0.87% |
| BAESY | 67.63 | 0.58 | 0.86% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GD | 277.6 | 2.39 | 0.87% |
| CW | 244.73 | 1.86 | 0.77% |
| HII | 290.59 | 1.57 | 0.54% |
| FLR | 40.16 | 1.46 | 3.77% |
| NOC | 462.39 | 0.64 | 0.14% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| SAIC | 128.4 | -14.24 | -9.98% |
| AVAV | 144.36 | -4.24 | -2.85% |
| MRCY | 28.27 | -0.48 | -1.67% |
| BA | 179.84 | -2.69 | -1.47% |
| LDOS | 126.35 | -1.57 | -1.23% |
