Executive Mosaic’s GovCon Index slipped 0.45% to $4,897.19 in contrast to the performance of the major indexes. The blue-chip Dow Jones Industrial Average (+0.68%) set a new record and is on the cusp of breaching 40,000 for the first time. Semiconductor stocks lifted Nasdaq (+0.20%) to a fresh record, while the S&P 500 Index (+0.32%) reached a new all-time high.
Wall Street resumed its record-setting moves following the strong gains mid-week when the Feds confirmed three interest rate cuts later this year. Micron Technology (Nasdaq: MU) and Super Micro Computer (Nasdaq: SMCI) posted the biggest gains on the tech-heavy index.
Gainers (22) outnumbered decliners (8) on the GovCon Index, but the negative return was due to Accenture’s (NYSE: ACN) 9.31% drop to $345. Its share price is 7.2% of the GCI total. CGI (NYSE: GIB), the second worst performer, fell 3.35%. Top performers Fluor Corporation (NYSE: FLR) and Mercury Systems (Nasdaq: MRCY) popped more than 3%.
In Q2 fiscal 2024, Accenture reported a 10.2% year-over-year increase in net income to $1.7 billion. However, the stock tumbled after the consulting firm gave lower full-year revenue guidance because it anticipated a slowdown in sales and new bookings.
CGI Federal, a wholly-owned subsidiary of CGI, secured an approximately $72 million contract with the Centers for Medicare & Medicaid Services. Mercury Systems announced a collaboration with Lockheed Martin (NYSE: LMT) to advance the manufacturing of defense technologies in Switzerland.
The markets remain upbeat about the clearer direction of the U.S. Federal Reserve regarding interest rates. Besides the dip of the ten-year T-note to 4.271%, the stronger-than-expected economic reports released Thursday, which showed a resilient economy, were tailwinds for stocks.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,897.19 | -21.85 | -0.45% |
| Dow Jones Industrial Average | 39,781.37 | 269.24 | 0.68% |
| S&P 500 | 5,241.53 | 16.91 | 0.32% |
| NASDAQ | 16,401.84 | 32.43 | 0.20% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 40.9 | 1.46 | 3.70% |
| MRCY | 28.67 | 0.88 | 3.17% |
| KBR | 61.76 | 1.38 | 2.29% |
| CG | 47.39 | 1.01 | 2.18% |
| PSN | 83.27 | 1.57 | 1.92% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 372.58 | 3.88 | 1.05% |
| LMT | 443.16 | 2.75 | 0.62% |
| TTEK | 183.01 | 1.88 | 1.04% |
| HII | 293.93 | 1.73 | 0.59% |
| PSN | 83.27 | 1.57 | 1.92% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 345.03 | -35.41 | -9.31% |
| GIB | 114.24 | -3.96 | -3.35% |
| ICFI | 150.13 | -2.46 | -1.61% |
| NOC | 467.49 | -3.26 | -0.69% |
| RTX | 94.26 | -0.59 | -0.62% |
