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GovCon Index Posted 2nd Back-to-Back Weekly Loss in 2024

Executive Mosaic’s GovCon Index posted its second back-to-back weekly loss this year following three significant drops this week. The index, which tracks the stock performances of 30 major government contractors, declined 0.37% before the weekend to $4,953.15 for a 0.92% week-on-week loss.

Wall Street also registered a weekly loss, led by Nasdaq Composite’s -2.4%. The S&P 500 dipped 1.3%, while the Dow Jones Industrial Average ticked 0.3% lower for the week. The robust April jobs data released Friday caused US stocks to fall and Treasury yields to rise.

Palantir Technologies (NYSE: PLTR) and Boeing (NYSE: BA) were steady performers on the GCI during the week, rising 7.52% and 7.11%, respectively.  Science Applications International Corporation (Nasdaq: SAIC) lost 14.07% in five days following Monday’s 11.76% plunge.

The U.S. Federal Reserve’s Federal Open Market Committee will meet from June 11 to 12. Fed Chairman Jerome Powell will announce the rate decision after the two-day meeting. Market analysts expect the policymakers to keep interest rates unchanged or in the current range of 5.25%-5.50%.

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