Executive Mosaic’s GovCon Index advanced 0.17% to $138.45 in stark contrast to the negative market sentiment. Big tech companies suffered sharp price declines, causing the Nasdaq Composite to lose 255.62 points (-1.76%) and enter correction territory. The S&P 500 Index (-1.18%) fell to its lowest level, while the Dow Jones Industrial Average also registered a loss (-0.76%).
Meta Platforms (Nasdaq: META) sunk 3.73% and triggered the sector-wide downturn after it warned of softer advertising revenues due to the raging Israel-Hamas conflict. Other tech heavyweights like Alphabet (Nasdaq: GOOGL, Apple (Nasdaq: AAPL) and Amazon.com (NASDAQ: AMZN) fell in unison.
For the GovCon Index, 20 of its 30 constituents advanced to prevent a loss. Globalstar (NYSE: GSAT), ICF (Nasdaq: ICFI), and Textron (NYSE: TXT) were the top three gainers. Cisco Systems (Nasdaq: CSCO) and Palantir Technologies (NYSE: PLTR) led the ten decliners.
Textron is likely to attract attention following the release of its third-quarter 2023 results. The multi-industry company reported that its Aviation division’s $1.3 billion revenue was the best in a quarter for this year. Total revenue and net income increased 8.6% and 19.5% year-over-year to $3.43 billion and $269 million versus the same quarter in 2022.
The Commerce Department reported that the gross domestic product (GDP) rose at a 4.9% annualized pace in the third quarter of 2023. However, the news about the U.S. economy expanding despite rapidly rising interest rates and the retreat of the ten-year Treasury yield to 4.84% didn’t help Wall Street on Thursday.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 138.45 | 0.24 | 0.17% |
| Dow Jones Industrial Average | 32,784.30 | -251.63 | -0.76% |
| S&P 500 | 4,137.23 | -49.54 | -1.18% |
| NASDAQ | 12,595.61 | -225.61 | -1.76% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GSAT | 1.34 | 0.06 | 4.69% |
| ICFI | 125.54 | 3.68 | 3.02% |
| TXT | 76.02 | 1.66 | 2.23% |
| BAH | 121.35 | 1.94 | 1.62% |
| CACI | 327.07 | 4.98 | 1.55% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 327.07 | 4.98 | 1.55% |
| ICFI | 125.54 | 3.68 | 3.02% |
| HII | 218.03 | 2.97 | 1.38% |
| BAH | 121.35 | 1.94 | 1.62% |
| TXT | 76.02 | 1.66 | 2.23% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CSCO | 51.37 | -1.03 | -1.97% |
| PLTR | 15.29 | -0.30 | -1.92% |
| GIB | 94.21 | -1.51 | -1.58% |
| HON | 176.06 | -2.03 | -1.14% |
| NOC | 477.78 | -5.48 | -1.13% |
