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September 15 Market Report: GovCon Index Slips Along with U.S. Stock Indices

September 15 Market Report: GovCon Index Slips Along with U.S. Stock Indices

Executive Mosaic’s GovCon Index backtracked on Friday and gave up the gains from the previous day, slipping 0.40% to close at $138.28. Volatility took over major U.S. indices, with the Dow Jones Industrial Average (-0.83%), the Nasdaq Composite (-1.56%) and the S&P 500 Index (-1.22%) tumbling after Thursday’s rally. 

Only eight of the 30 GCI constituents ended the volatile week in the green. The Carlyle Group (Nasdaq: CG) and Tetra Tech (Nasdaq: TTEK) gained 2.66% and 1.9%, respectively. Palantir Technologies (NYSE: PLTR) posted the most significant decline, losing 3.16%. However, the tech stock remains among the top performers thus far in 2023 with its 138.79% year-to-date gain. 

Investors’ anxiety has returned as they second-guess the action of the U.S. Federal Reserve on interest rates. While inflation concerns persist, economists and market analysts expect the Federal Open Market Committee (FOMC) to retain the benchmark rate range of 5.25% to 5.5% on September 20, 2023. 

The United Auto Workers (UAW) also launched a “Stand Up Strike” against auto giants General Motors, Ford, and Stellantis. A major demand besides better benefits and job protection is a 40% wage hike. UAW has 150,000 members but only a total of 13,000 from assembly plants in each of the companies are picketing for now.  

Market Summary

Index Price Net Change % Change
GovCon Index Daily Average 138.28 -0.55 -0.40%
Dow Jones Industrial Average 34,618.24 -288.87 -0.83%
S&P 500 4,450.32 -54.78 -1.22%
NASDAQ 13,708.33 -217.72 -1.56%

Top 5 GovCon Index Daily Percentage Performers

Symbol Price Net Change % Change
CG 33.55 0.87 2.66%
TTEK 159.21 3.08 1.97%
GD 224.05 2.59 1.17%
VVX 48.36 0.39 0.81%
LHX 172.72 1.16 0.68%

Top 5 GovCon Index Daily Net Performers

Symbol Price Net Change % Change
TTEK 159.21 3.08 1.97%
GD 224.05 2.59 1.17%
NOC 433.49 1.17 0.27%
LHX 172.72 1.16 0.68%
CG 33.55 0.87 2.66%

Top 5 GovCon Index Daily Percentage Decliners

Symbol Price Net Change % Change
PLTR 15.33 -0.50 -3.16%
CAE 24.33 -0.57 -2.29%
GSAT 1.37 -0.03 -2.14%
MMS 79.65 -1.26 -1.56%
BAH 111.43 -1.66 -1.47%