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October 26 Market Report: Executive Mosaic’s GovCon Index Steady, Big Tech Pulls Market Down

October 26 Market Report: Executive Mosaic’s GovCon Index Steady, Big Tech Pulls Market Down

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%

 

 

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