Author: Aidan Daly|| Date Published: June 17, 2024
Executive Mosaic’s GovCon Index dropped 0.42% to $4,886.91 on June 14, ending lower before the weekend and losing 1.34% overall week-on-week. The index, which tracks the stock performances of 30 major government contractors, has never posted a winning week since May 31.
Meanwhile, the Nasdaq Composite (+3.2%) and S&P 500 (+1.6%) had significant weekly gains after hitting consecutive new all-time closing highs. Despite a four-day losing streak, the Dow Jones Industrial Average (+0.5%) ended positive for the week.
No GCI stock had an outstanding performance, although the top performer thus far in 2024, AeroVironment (Nasdaq: AVAV), gained 6.4% in five days. HII (NYSE: HII) and the Carlyle Group (Nasdaq: CG) lost more than 4%. Nonetheless, the GovCon Index is still up 4.7% year-to-date following its third straight weekly loss.
Rate cut uncertainty remains a headwind for stocks. The Feds needs more data showing that inflation is reaching its 2% target. According to Minneapolis Federal Reserve President Neel Kashkari, a rate cut in December is a reasonable prediction.
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