Hello, Guest!

September 19 Market Report: GovCon Index Closes Lower Before Day of Decision

September 19 Market Report: GovCon Index Closes Lower Before Day of Decision

Executive Mosaic’s GovCon Index ended lower (-0.68%), if not flat, like the major U.S. indexes a day before Wednesday’s Federal Open Market Committee meeting. Due to the lack of catalysts to push stock prices higher, the Dow Jones Industrial Average (-0.02%), Nasdaq Composite (-0.1%), the S&P 500 Index (-0.07%) hardly moved from yesterday.

Market participants are sure the U.S. Federal Reserve will pause and keep the current benchmark interest rate range of 5.25 to 5.5 percent this month. However, they also concede that the rate hike campaign is ongoing and one to two more increases are possible.   

The Consumer Price Index, the key barometer of inflation, rose to 3.7% in August from 3.2% in July. Also, rising gasoline prices that could push headline inflation higher is the latest dilemma of central banks. 

The benchmark prices of Brent crude and West Texas Intermediate hit nearly $94 and $90 per barrel recently and are marching towards $100 per barrel. Fed Chairman Jerome Powell and the policymakers face a serious challenge to restore price stability and bring inflation down sooner rather than later.  

On the GCI Index, Fluor (NYSE: FLR) was the top gainer, climbing 4.37% to $38.20. The industrial stock continues to buck the negative trend, advancing 8.77% in the last five days. Globalstar (NSYE: GSAT) sunk 4.35% to $1.32 to lead 22 decliners. 

Market Summary

Index Price Net Change % Change
GovCon Index Daily Average 138.62 -0.60 -0.44%

 

Top 5 GovCon Index Daily Percentage Performers

Symbol Price Net Change % Change
FLR 38.2 1.60 4.37%
LHX 176.14 1.01 0.58%
CACI 320.3 1.64 0.51%
VVX 50.25 0.23 0.46%
ACN 317.33 1.45 0.46%

Top 5 GovCon Index Daily Net Performers

Symbol Price Net Change % Change
CACI 320.3 1.64 0.51%
FLR 38.2 1.60 4.37%
ACN 317.33 1.45 0.46%
LHX 176.14 1.01 0.58%
HON 195.35 0.89 0.46%

Top 5 GovCon Index Daily Percentage Decliners

Symbol Price Net Change % Change
GSAT 1.32 -0.06 -4.35%
PLTR 15.15 -0.31 -2.01%
CAE 24.19 -0.49 -1.99%
SAIC 108.11 -1.97 -1.79%
HII 208.92 -3.36 -1.58%

Leave a Reply

Your email address will not be published.