Author: Aidan Daly|| Date Published: February 12, 2024
Executive Mosaic’s GovCon Index rose 0.89% on Feb. 9, 2024, to mark four consecutive winning weeks since the week of Jan. 16. The index that tracks the performance of 30 notable government contractors closed at $4.741.09 or 1.935% higher than a week ago.
Wall Street’s major indexes also posted week-to-week gains, with the S&P 500 closing above 5,000 for the first time. The Bureau of Labor Statistics’ revised Consumer Price Index figure showed prices increased by only 0.2%, not 0.3%, in December. Investors were upbeat because the BLS said it didn’t impact the 3.4% annual inflation rate. The CPI report for January will come out on Tuesday, Feb.13.
The GovCon Index fell 0.77% on Monday but had positive gains the rest of the week. Palantir Technologies (NYSE: PLTR) made the loudest noise on Tuesday. The provider of AI-powered software to federal government and commercial clients surged 30.8% to $21.87 and was the volume leader on the NYSE.
On mid-week, the Carlyle Group (Nasdaq: CG) outperformed and rose 8.64% after reporting record results in 2023. Palantir Technologies and Carlyle led 15 gainers on Thursday, although the GovCon Index had a modest 0.06% gain. Besides leading 22 advancers to end the week, Mercury Systems (Nasdaq: MRCY) surged 11.7% to arrest its two-day losing streak.
Palantir Technologies is a trending stock due to the strong demand for its AI platform. As of this writing, the year-to-date gain is 14.99%. Meanwhile, the GovCon Index is up 1.56% thus far in 2024.
Check out last week’s market reports to get the full story on daily GovCon Index performance. To access the full list of tracked companies, click here.
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