Executive Mosaic’s GovCon Index finished 0.32% higher at $5,342.51 before the weekend and logged its first all-week performance following gains from Monday to Friday. While the 2.42% overall weekly gain was only the second-best on record, the index tracking the stock performances of 30 major government contractors extended its winning streak to nine days, the longest so far.
Wall Street’s major indexes had their best weeks in 2024 after a recent tailspin. The Dow Jones Industrial Average gained nearly 3%, while the Nasdaq Composite and S&P 500 advanced 5.3% and 3.9% week-on-week, respectively.
Mercury Systems (Nasdaq: MRCY) outperformed on the GCI during the week with +12.64% in five days, highlighted by the 17.65% gain mid-week. The company providing advanced technologies for aerospace and defense missions reported a record $1.6 billion backlog in Q4 fiscal 2024 and a 1515.8% increase in free cash flow to $61.4 million compared to Q4 fiscal 2023.
Meanwhile, Palantir Technologies (NYSE: PLTR) continues to ride high on its reported partnership with Microsoft (Nasdaq: MSFT). The pair will provide cloud-based AI and analytics services and offer the U.S. defense and intelligence community a suite of technologies.
The GovCon Index is now up 14.44% year-to-date following this week’s performance, while Palantir Technologies remains the top-performing GCI constituent (+86.84%). On Friday, the AI stock rose 2.75% to $32.08 for its fourth straight daily gain.
