Executive Mosaic’s GovCon Index recovered from its weak start in July. The index, which tracks the stock performances of 30 major government contractors, had substantial gains in three of five trading sessions, ending 0.58% higher to $4,982.68. Also, the 2.11% week-on-week advance was GCI’s second-strongest weekly gain in 2024.
Wall Street had another week of gains with the S&P 500 (+0.9%) marking five wins in six weeks, while the Nasdaq Composite ticked 0.2% higher week-on-week. The Dow Jones Industrial Average gained 247 points Friday and closed at 40,000.90 points for a 1.6% overall advance for the week.
Accenture (NYSE: ACN) was the top gainer Friday with +4.24%, while Fluor (NYSE: FLR) was the week’s top performer, advancing 7.49% in five days. Only Parsons (NYSE: PSN), ICF (Nasdaq: ICFI), and Northrop Grumman (NYSE: NOC) out of 30 GCI stocks had week-on-week losses. Because of the strong finish before the weekend, GCI’s year-to-date gain rose to 6.73%.
Meanwhile, inflation continues to cool, evidenced by the declining consumer price index and core CPI. Should the trend be sustained through the summer, economists and market analysts expect the US Federal Reserve to ease its monetary policy and cut interest rates, possibly in September.
