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May 17 Market Report: Executive Mosaic’s GovCon Index Posts 4th Straight Daily Gain, Dow Jones Tops 40,000 Mark

Home Contract Awards May 17 Market Report: Executive Mosaic’s GovCon Index Posts 4th Straight Daily Gain, Dow Jones Tops 40,000 Mark
May 17 Market Report: Executive Mosaic’s GovCon Index Posts 4th Straight Daily Gain, Dow Jones Tops 40,000 Mark

Executive Mosaic’s GovCon Index closed 0.25% higher at $5,051.61, registering its fourth straight daily gain. The Dow Jones Industrial Average (+0.34%) ended above 40,000 for the first time in 139 years, while the S&P 500 (+0.12%) inched higher. Only the Nasdaq Composite (-0.07%) turned red before the weekend.   

Meme stock GameStop (NYSE: GME) plunged 19.73% in contrast to the 12.23% gain by commission-free investing and trading platform Robinhood Markets (Nasdaq: HOOD). Reddit (NYSE: RDDT) popped 10.04% after the social news website announced a partnership with OpenAI. 

Like in the previous trading session, 19 GovCon Index stocks posted gains. Top performers ICF (Nasdaq: ICFI) and Kratos Defense & Security Solutions (Nasdaq: KTOS) advanced more than two percent. Accenture (NYSE: ACN) was the lone decliner with more than one percent loss (-4.41%). 

Accenture announced a strategic acquisition to strengthen its cloud, AI, smart logistics, retail and manufacturing capabilities further. The global professional services company agreed to acquire Open Stream Holdings, including its subsidiaries Open Stream and Neutral.  

On May 17, 2024, two Lockheed Martin (NYSE: LMT) business segments secured contract wins. Lockheed Martin Space obtained a $756.8 million modification to the Long-Range Hypersonic Weapon ground support equipment contract with the U.S. Army. The U.S. Navy awarded Lockheed Martin Rotary and Mission Systems a $70.4 million cost-plus-incentive-fee modification to a previously awarded contract to exercise options for Navy equipment.

Also, on Friday, General Dynamics Information Technology, a business unit of General Dynamics (NYSE: GD), announced receiving a $185 million recompete task order to provide cybersecurity services for the Air Force Civil Engineer Center. The award from the 772nd Enterprise Sourcing Squadron has a one-year base period and four option years.

This week, the major U.S. stock indexes reached new all-time highs despite rate cut uncertainties. Overall inflation peaked in 2022 but remains elevated or far from the Feds’ 2% target. Most policymakers want to see more data that inflation is slowing before they lower the policy rate.  

Market Summary

INDEXPRICENET CHANGE% CHANGE
GovCon Index Daily Average5,051.6112.710.25%
Dow Jones Industrial Average40,003.59134.210.34%
S&P 5005,303.276.170.12%
NASDAQ16,685.97-12.35-0.07%

Top 5 GovCon Index Daily Percentage Performers

SYMBOLPRICENET CHANGE% CHANGE
ICFI149.83.182.17%
KTOS21.030.442.14%
TXT89.171.691.93%
MRCY31.650.421.34%
GD299.023.271.11%

Top 5 GovCon Index Daily Net Performers

SYMBOLPRICENET CHANGE% CHANGE
GD299.023.271.11%
ICFI149.83.182.17%
TTEK220.222.080.95%
BA184.951.991.09%
TXT89.171.691.93%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOLPRICENET CHANGE% CHANGE
ACN303.59-4.41-1.43%
J136.44-1.31-0.95%
CG43.05-0.35-0.81%
MMS86.63-0.50-0.57%
KBR65.64-0.22-0.33%