Executive Mosaic’s GovCon Index capped the week with a fourth consecutive daily gain. The modest gains in four of five trading sessions were enough to close a fifth consecutive winning week. The index, which tracks the stock performances of 30 major government contractors, closed at $5,051.61 or +0.38% week-on-week.
The blue-chip Dow Jones Industrial Average made history on Wall Street, closing above 40,000 for the first time in 139 years and gaining 1.2% overall for the week. While the Nasdaq Composite drifted lower Friday, it had a 2.1% weekly gain. The benchmark S&P 500 advanced 1.5% week-on-week.
On the GovCon Index, Mercury Systems (Nasdaq: MRCY) owned the week with its 13.08% gain in five days. However, AeroVironment (Nasdaq: AVAV) remains the top performer thus far in 2024, with +53.78% year-to-date. Palantir Technologies (NYSE: PLTR) is a distant second with +26.73%, although market analysts covering the AI stock recommend a “strong-buy” rating.
The Q1 2024 earnings season is wrapping soon. As of May 17, 2024, only 34 S&P500 companies have yet to present their quarterly results. Of the 466companies that have reported earnings, 77.5% reported above analyst expectations, according to refintiv.com. Meanwhile, persistent inflation and rate cut uncertainties remain top-of-mind concerns in the stock market.
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