Author: Aidan Daly|| Date Published: August 5, 2024
Executive Mosaic’s GovCon Index extended its winning streak to four weeks despite significant drops to start August. On Friday, the index declined 0.89% to $5,218.19 but still gained 0.70% for the week following Wednesday’s hefty 1.35% gain.
Moreover, GCI outperformed Wall Street’s top three indexes for the week. The blue-chip Dow Jones Industrial Average and benchmark S&P 500 Index declined 2.1%, while the tech-heavy Nasdaq Composite entered correction territory, posting a 3.4% weekly loss.
Notable performers during the week were Parsons (NYSE: PSN) with +18.29% Wednesday, Tetra Tech (Nasdaq: TTEK) with +9.02 Thursday, and ICF (Nasdaq: ICFI) with +9.85% Friday. GCI also posted its best monthly performance in July with a +2.53% month-on-month gain. The index, which tracks the stock performances of 30 major government contractors, is up 11.78% year-to-date like the Nasdaq Composite. AI stock Palantir Technologies (NYSE: PLTR) is still the top performer thus far in 2024, with +44.09%.
Also during the week, Fed Chairman Jerome Powell intimated that a September rate cut is on the table. Some market analysts expects the Feds to begin easing its monetary policy, given the moderating inflation and higher unemployment rate in July.
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