Executive Mosaic’s GovCon Index continued its momentum, rising 0.32% to $4,962.45 as 80% of its constituents advanced. Wall Street’s top stock market indexes regained ground and settled higher. The tech-heavy Nasdaq Composite (+0.58%) led the recovery from the previous selloff.
On the S&P 500 Index, 41 stocks hit new 52-week highs, with chipmaker NVIDIA (Nasdaq: NVDA) posting a new all-time high of $887. However, Dow Jones component Apple (Nasdaq: AAPL) fell for the sixth session. According to CNBC, the iPhone maker has lost $352 billion thus far in 2024.
Palantir Technologies (NYSE: PLTR) and AeroVironment (Nasdaq: AVAV) outperformed on Wednesday. Both stocks popped more than 9% to lead 24 GovCon Index gainers. Fluor Corporation (NYSE: FLR) lost the most but all six GCI decliners had modest losses.
Palantir announced that it has won a new $178 million contract with the U.S. Army for project TITAN, or Tactical Intelligence Targeting Access Node. The battlefield system will use the data analytics software maker’s artificial intelligence platform.
AeroVironment has gained 43.95% in the last five trading days. Investors were impressed with the aerospace and defense company’s earnings beat. In Q3 fiscal 2024, revenue increased 39% year-over-year to a record $186.6 million. Management maintains an optimistic growth outlook because of the increased global demand for its products and a $462.8 million funded backlog.
The U.S. Navy awarded BAE Systems Land & Armaments a $181.88 million firm-fixed-price modification to a previously awarded contract for Amphibious Combat Vehicles. With this latest modification, the contract’s total cumulative face value is now $2.73 billion.
The contents of the Federal Reserve System’s Beige Book and Fed Chairman Jerome Powell’s comments buoyed investors’ sentiments. In summary, the economy has expanded at a modest pace, and Powell said the tightening cycle has reached its peak. The central bank is not ready to immediately cut rates but could lower them this year.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,962.45 | 43.47 | 0.88% |
| Dow Jones Industrial Average | 38,661.05 | 75.86 | 0.20% |
| S&P 500 | 5,104.76 | 26.11 | 0.51% |
| NASDAQ | 16,031.54 | 91.95 | 0.58% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 26.16 | 2.35 | 9.87% |
| AVAV | 182.25 | 15.10 | 9.03% |
| MRCY | 29.94 | 1.11 | 3.85% |
| VVX | 44.48 | 0.97 | 2.23% |
| KTOS | 18.17 | 0.35 | 1.96% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 182.25 | 15.10 | 9.03% |
| ACN | 380.83 | 3.95 | 1.05% |
| HON | 200.5 | 3.15 | 1.60% |
| NOC | 461.07 | 2.81 | 0.61% |
| CW | 241.63 | 2.69 | 1.13% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 36.68 | -0.17 | -0.46% |
| ICFI | 153.99 | -0.53 | -0.34% |
| BAH | 148.9 | -0.29 | -0.19% |
| J | 146.92 | -0.20 | -0.14% |
| BA | 201 | -0.14 | -0.07% |
