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May 20 Market Report: Executive Mosaic’s GovCon Index Sustains Momentum, Dow Jones Drops Below Record High

Home Financial Reports May 20 Market Report: Executive Mosaic’s GovCon Index Sustains Momentum, Dow Jones Drops Below Record High
May 20 Market Report: Executive Mosaic’s GovCon Index Sustains Momentum, Dow Jones Drops Below Record High

Executive Mosaic’s GovCon Index extended its winning streak to five days, rising 0.24% to $5,063.87. The Nasdaq Composite (+0.65%) and S&P 500 (+0.09%) advanced, while the Dow Jones Industrial Average (-0.49%) settled below 40,000. Bonds were the headwinds Monday, as the ten-year Treasury yield rose to 4.436%.

Telehealth provider Hims & Hers Health (NYSE: HIMS) rose 27.66% following the introduction of its injectable weight-loss drug. JPMorgan Chase (NYSE: JPM) dipped 4.5% after its long-time CEO, Jamie Dimon, hinted at retirement. Semiconductor stocks, led by Marvell Technology (Nasdaq: MRVL) and Micron (Nasdaq: MU), lifted the tech-heavy index.

GovCon Index gainers improved to 21, bannered by Kratos Defense & Security Solutions (Nasdaq: KTOS) and Mercury Systems (Nasdaq: MRCY). ICF (Nasdaq: ICFI) slipped 1.72% to lead nine decliners. AeroVironment’s (Nasdaq: AVAV) year-to-date gain is now 56.45% after gaining 1.71%.

CACI (NYSE: CACI) announced that the Canadian Armed Forces selected it to deploy counter-uncrewed aerial systems. The C-UAS can counter uncrewed aerial vehicle threats, including small but deadly drones. CACI will also provide ready-to-use dismounted omnidirectional systems. The contract value was undisclosed.

Also, on Monday, Fed Vice Chairman Philip Jefferson agreed with the central bank’s higher-for-longer stance on interest rates. “I believe that our policy rate is in restrictive territory as we continue to see the labor market come into better balance and inflation decline, although nowhere near as quickly as I would have liked,” he said. Jefferson expects consumer spending to slow later this year.

Market Summary

INDEXPRICENET CHANGE% CHANGE
GovCon Index Daily Average5,063.8712.260.24%
Dow Jones Industrial Average39,806.77-196.82-0.49%
S&P 5005,308.134.860.09%
NASDAQ16,794.87108.900.65%

Top 5 GovCon Index Daily Percentage Performers

SYMBOLPRICENET CHANGE% CHANGE
KTOS21.640.612.90%
MRCY32.450.802.53%
AVAV197.153.321.71%
FLR38.990.641.67%
BAESY70.480.781.12%

Top 5 GovCon Index Daily Net Performers

SYMBOLPRICENET CHANGE% CHANGE
AVAV197.153.321.71%
ACN305.72.110.69%
BAH153.981.691.11%
BA186.611.660.90%
GD300.231.210.40%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOLPRICENET CHANGE% CHANGE
ICFI147.23-2.57-1.72%
HON204.62-1.35-0.66%
TTEK218.78-1.44-0.65%
PLTR21.62-0.14-0.64%
GIB104.71-0.43-0.41%