Executive Mosaic’s GovCon Index slid 0.87% to $141.47 to snap its winning streak. All three major indexes lost steam as stocks succumbed to rising bond yields. After moving from green to red and vice-versa throughout the trading session, the Dow Jones Industrial Average (-0.51%), Nasdaq Composite (-0.63%) and the S&P 500 Index (-0.62%) fell in unison eventually.
The ten-year U.S. Treasury climbed to 4.710% from 4.596% a day before after the consumer price index report showed actual inflation in September was higher than forecast. According to the Bureau of Labor Statistics, CPI rose 3.7% year-over-year to match the previous month’s pace. But despite core inflation sliding to 4.1%, overall inflation remains elevated.
Regarding the S&P 500 Index, rate-sensitive sectors such as materials, utilities, and real estate registered the most significant percentage drops. Homebuilding stocks, in particular, were under extreme pressure due to surging bond yields.
On the GovCon Index, red lights flashed bright as 80% of the constituents finished lower. The top gainers for the day were Northrop Grumman (NYSE: NOC) and Maximus (NYSE: MMS). Accenture (NYSE: ACN), Boeing (NYSE: BA) and CAE (NYSE: CAE) led the decliners.
Some market analysts note the surge of the defense sector in reaction to the Middle East conflict. Northrop Grumman has gained 13.63% in the last five trading days, while the shares of Lockheed Martin (NYSE: LMT) rose 9.26% during the same period.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 141.47 | -1.23 | -0.87% |
| Dow Jones Industrial Average | 33,631.14 | -173.73 | -0.51% |
| S&P 500 | 4,349.61 | -27.34 | -0.62% |
| NASDAQ | 13,574.22 | -85.46 | -0.63% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 477.31 | 3.94 | 0.83% |
| MMS | 77.19 | 0.29 | 0.38% |
| CSCO | 53.85 | 0.19 | 0.35% |
| BAH | 127.01 | 0.36 | 0.28% |
| PSN | 57.83 | 0.11 | 0.19% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 477.31 | 3.94 | 0.83% |
| BAH | 127.01 | 0.36 | 0.28% |
| MMS | 77.19 | 0.29 | 0.38% |
| CSCO | 53.85 | 0.19 | 0.35% |
| PSN | 57.83 | 0.11 | 0.19% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 304.36 | -8.18 | -2.62% |
| BA | 191.3 | -4.77 | -2.43% |
| CAE | 22.8 | -0.54 | -2.31% |
| CG | 29.77 | -0.64 | -2.10% |
| GIB | 99.46 | -2.05 | -2.02% |
