Executive Mosaic’s GovCon Index joined Wall Street’s rally to start the week, closing slightly higher at $137.48 (+0.58%). The blue-chip Dow Jones Industrial Average gained 511.37 points (+1.58%) to register its best daily performance since June 2, 2023, while the benchmark S&P 500 Index rose 1.2% to step out of correction territory. Mega-cap tech stocks lifted the Nasdaq Composite (+1.16%).
On the bond market, issuance this quarter could be lower than expected following the update on government borrowings. The US Treasury Department said it intends to borrow $776 billion in the final quarter of 2023 and $816 billion in the first quarter of 2024. Both borrowings would be the highest ever in the fourth quarter and first quarter.
For the GovCon Index, advancers (24) outnumbered decliners (6). Globalstar (NYSE: GSAT) was the hottest ticker, gaining 5.38% to $1.37 ahead of its quarterly earnings presentation before the market opens on Nov. 2, 2023. CGI (NYSE: GIB) and BAE Systems complete the top three performers with gains of 2.52% and 2.32%. Palantir Technologies (NYSE: PLTR) declined the most, dropping 2.52% to $14.69.
Solid corporate earnings triggered Monday’s rebound, although the Middle East conflict remains a major concern. Traders eagerly await the Federal Reserve’s decision on interest rates and Fed Chairman Jerome Powell’s press conference on Wednesday. The consensus is that the policymakers will hold rates steady and investors hope it’s the end of rate hikes, at least for 2023.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 137.48 | 0.79 | 0.58% |
| Dow Jones Industrial Average | 32,928.96 | 511.37 | 1.58% |
| S&P 500 | 4,166.82 | 49.45 | 1.20% |
| NASDAQ | 12,789.48 | 146.47 | 1.16% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GSAT | 1.37 | 0.07 | 5.38% |
| GIB | 95.87 | 2.36 | 2.52% |
| BAESY | 54.6 | 1.24 | 2.32% |
| LHX | 174.36 | 3.43 | 2.01% |
| HII | 217.35 | 4.23 | 1.98% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 217.35 | 4.23 | 1.98% |
| LHX | 174.36 | 3.43 | 2.01% |
| HON | 179.75 | 2.75 | 1.55% |
| TTEK | 147.44 | 2.67 | 1.84% |
| BA | 182.35 | 2.66 | 1.48% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 14.69 | -0.38 | -2.52% |
| NOC | 468.68 | -4.39 | -0.93% |
| RTX | 78.57 | -0.59 | -0.75% |
| CACI | 317.48 | -1.07 | -0.34% |
| ICFI | 123.6 | -0.40 | -0.32% |
