Executive Mosaic’s GovCon Index kept pace with Wall Street to start the week, posting modest gains characterized by quiet trading. All eyes are on the Feds as Chairman Jerome Powell and the governing council meet mid-week.
Like the Dow Jones (+0.02%), Nasdaq Composite (+0.01%), and the S&P 500 (+0.07%), GCI edged 0.68% higher on Monday. Advancers (23), led by V2X Inc (NYSE: VVX) and Flour Corporation (NYSE: FLR), outnumbered decliners (7). The Carlyle Group Inc. (NYSE: CG) and Boeing (NYSE: BA) declined the most.
KBR Inc. (NYSE: KBR), one of the Top Five performers for the day, announced winning a license and engineering design contract in Daesan, Republic of Korea. Hanwha Impact Corporation selected H2ACT, KBR’s breakthrough ammonia cracking technology, for the World’s first commercial ammonia cracking unit. The flagship program will deliver over 200 metric tons per day of clean hydrogen as fuel.
Inflation remains at the front and center of discussions among economists, investors, market analysts, and traders. The aggressive rate hike campaign by the Feds to cool inflation has impacted the financial markets. While most expect a pause this September, the benchmark rate could rise gain in November or December.
Susan Collins, president of the Federal Reserve Bank of Boston, said, “I expect we’ll need to hold rates at restrictive levels for some time.” People eagerly await Chairman Powell’s press conference after the FOMC meeting. It’s another case of the announcement effect where stock prices could spike or dip depending on the Fed’s guidance.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 139.22 | 0.95 | 0.68% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| VVX | 50.02 | 1.66 | 3.43% |
| FLR | 36.6 | 1.04 | 2.92% |
| CW | 204.78 | 4.20 | 2.09% |
| KBR | 61.45 | 1.24 | 2.06% |
| NOC | 440.52 | 7.03 | 1.62% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 440.52 | 7.03 | 1.62% |
| LMT | 429.86 | 5.81 | 1.37% |
| CW | 204.78 | 4.20 | 2.09% |
| ACN | 315.88 | 3.35 | 1.07% |
| LHX | 175.13 | 2.41 | 1.40% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CG | 32.98 | -0.57 | -1.70% |
| BA | 205.12 | -2.99 | -1.44% |
| MMS | 78.93 | -0.72 | -0.90% |
| RTX | 75.18 | -0.62 | -0.82% |
| GIB | 103.35 | -0.56 | -0.54% |
