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May 23 Market Report: Executive Mosaic’s GovCon Index Ends 7-Day Winning Streak, Wall Street Sinks

Home Financial Reports May 23 Market Report: Executive Mosaic’s GovCon Index Ends 7-Day Winning Streak, Wall Street Sinks
May 23 Market Report: Executive Mosaic’s GovCon Index Ends 7-Day Winning Streak, Wall Street Sinks

Executive Mosaic’s GovCon Index ended its seven-day winning streak following a 0.89% decline to $5,025.37. The Dow Jones Industrial Average (-1.53%) shed 605 points for its worst session in 2024, while the S&P 500 (-0.74%) dropped to a one-week low. Around 78% of constituents in the tech-heavy Nasdaq Composite (-0.39%) finished in the red.   

Chipmaker NVIDIA (Nasdaq: NVDA) popped 9.32% to $1,037.99. Its share price blew past $1,000 for the first time after reporting mind-blowing financial results in Q1 fiscal 2025. Merck (NYSE: MRK) on the blue-chip Dow Jones was flat and the only component that did not have negative returns.

The GovCon Index flashed red, too, as 23 stocks underperformed. Boeing (NYSE: BA) was the worst performer on the GCI and Dow Jones, plunging 7.55% to $172.21. BAE Systems advanced 0.92% to lead seven gainers. Brian West, Boeing’s CFO, said deliveries will slow in Q2 2024, and the plane maker expects to burn more cash for the entire year.

The U.S. Navy awarded RTX’s (NYSE: RTX) Raytheon Company a $227.3 million firm-fixed-price, cost-plus-fixed-fee cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract to provide various tasks in support of the AIM-9X and AIM-9X Block II missile sustainment efforts for the Navy, Air Force, Army and Foreign Military Sales customers.

U.S. jobless claims in the week ending May 18 fell to 215,000 from 223,000 in the previous week. The Labor Department said the 2.6% drop was the most significant decline since September. Meanwhile, the May S&P manufacturing Purchasing Managers’ Index, or PMI, improved to 54.4 from 51.3. 

The strong labor market and business activity greatly diminished expectations of interest rate cuts.

Market Summary

INDEXPRICENET CHANGE% CHANGE
GovCon Index Daily Average5,025.37-45.17-0.90%
Dow Jones Industrial Average39,065.26-605.78-1.53%
S&P 5005,267.84-39.17-0.74%
NASDAQ16,736.03-65.51-0.39%

Top 5 GovCon Index Daily Percentage Performers

SYMBOLPRICENET CHANGE% CHANGE
BAESY71.60.650.92%
CG43.960.250.57%
AVAV197.211.030.53%
PSN77.490.390.51%
J138.520.650.47%

Top 5 GovCon Index Daily Net Performers

SYMBOLPRICENET CHANGE% CHANGE
AVAV197.211.030.53%
CW281.610.860.31%
J138.520.650.47%
BAESY71.60.650.92%
PSN77.490.390.51%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOLPRICENET CHANGE% CHANGE
BA172.21-14.07-7.55%
VVX44.37-1.57-3.42%
PLTR20.72-0.45-2.13%
TTEK216.12-4.28-1.94%
MRCY31.48-0.58-1.81%