Executive Mosaic's GovCon Index posted its fourth consecutive weekly gain in addition to recording its best monthly performance in July.

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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