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GovCon Index Extends Weekly Gains Amid a Wild Week, Major Indexes End Winning Streaks

Executive Mosaic’s GovCon Index slipped 0.17% to $4,788.02 on Feb. 16, 2024, but it was enough for a 0.99% weekly gain. On the other hand, Wall Street’s three major indexes snapped their five-week winning streaks. The Dow Jones Industrial Average and S&P 500 lost 0.11% and 0.42% overall, while the Nasdaq shed 1.34% during the wild week.

The index that tracks the performance of 30 notable government contractors started the week strong, then dropped 1.15% on Tuesday due to an inflation-induced market selloff. GCI stocks bounced back strong mid-week and Thursday before losing steam on Friday.

Leidos (NYSE: LDOS) was the week’s top performing GCI constituent, advancing 8.09% to $123.83 in five days. The Fortune 500 company reported $15.44 billion in revenue and $16.5 billion in net bookings for fiscal year 2023. 

On the 15th, Leidos announced a new task order contract from the Defense Intelligence Agency’s Science & Technology Directorate. The estimated value of the task order award under the DOMEX Technology Platform single award, indefinite-delivery, indefinite-quantity contract is $143 million.

Economic reports for the week, including higher consumer and production price indexes, that indicated persistent inflation were headwinds for U.S. stocks. Market analysts and economists have given up hope of a rate cut in March.   

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